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Fresh YTD Lows, July Economic Activity Data On Tap


USD/CNH prints at 7.2780/7.2820, the pair was ~0.3% firmer yesterday.

  • Fresh YTD highs for USD/CNH were printed yesterday, continuing concerns over the Chinese economy as economic fragility no longer appears to be contained to just the property sector weighed on the CNH. A notable wealth manager missed payments to investors yesterday.
  • Technically the pair sits above it's key EMAs, and is in an uptrend. Bulls target a break of 2023 highs (7.2927), which opens the high from 25 OCt 2022 (7.3749). Bear first target the 20-Day EMA (7.2169).
  • On Tuesday the latest 1-Year Medium-Term Lending Facility is expected to remain unchanged at 2.65% with the volume to increase to 410.0bn from 103.0bn.
  • Also due today are July Industrial Production (exp 4.3% Y/Y), Retail Sales (exp 4.2% Y/Y), Fixed Assets ex Rural (exp 4.2% Y/Y), Property Investment YTD (exp -8.0%) and Surveyed Jobless Rate (exp 5.2%) cross.

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