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Extends Gains, Breaks 200-Day EMA

CNH

The Offshore Yuan extended recent gains yesterday after a firmer than forecast PBOC fix. USD/CNH broke its 200-Day EMA (7.1612) before consolidating below the measure through the European and NY session.

  • In early trade on Wednesday we sit a touch above the 7.14 handle.
  • Technically bears have re-established a downtrend. They now target 7.1120, 38.2 retracement of Jan-Sep bull leg. Bulls immediate focus is on the 200-Day EMA.
  • The PBOC has encouraged lenders to cap the amount of new loans they issue in early 2024 and shift some forward to this year as authorities try to smooth the credit cycle (BBG).
  • In US trading the Golden Dragon fell ~2.2% providing a negative lead for today's equity dealing.
  • The local data docket is empty today.
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