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Continues To Strengthen

CNH

Offshore yuan continued to strengthen through the session on Monday, USD/CNH dropping with US participants absent for a holiday. USD/CNH fell to lows of 6.4594 from an intraday high above 6.49 pre-NFP on Friday. The rate is sandwiched between its 100-DMA at 6.4728 and 50-DMA at 6.4345 last trading at 6.4640.

  • On the geopolitical front China has faced international criticism over plans to expand Hong Kong's security powers, despite international reproach of the scope of measures already taken to curb dissent in Hong Kong. According to Bloomberg "One top Chinese legislative official pointed out that China still had several types of security offenses not covered by the Hong Kong measure banning secession, subversion, terrorism and collusion with foreign forces."
  • There are no data releases on the docket today, markets look ahead to inflation data on Friday.

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