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​CNH Weakens Post Onshore Open, Spills Over to Regional FX​​

CNH

USD/CNH is continuing to track higher. The pair is now just above 7.0950. Onshore spot has opened higher. The pair is back to 7.0900. Note we couldn't get much above 7.0950 yesterday, so this region will be watched today. For USD/CNH, the late high from yesterday was 7.1060. Outside of the onshore open, there doesn't appear to be any fresh catalysts for the move.

  • We are seeing some risk-off flows elsewhere as well, potential spill over from weaker CNH levels. 1 month USD/KRW is back above 1407, slightly above NY closing levels. USD/TWD is also pressing higher (last 31.66).
  • AUD/USD is back to 0.6635, versus earlier highs around 0.6655. AUD/JPY is lower, with some yen outperformance. AUD/JPY is back to 94.20/25. Still above post intervention lows (just above 93.50).

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