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Gains Extend As Sentiment Improves, Services PMI On Tap

CNH

USD/CNH deals a touch under the 7.23 handle. The pair fell ~0.3% yesterday.

  • CNH extended post fix gains through yesterday's session after another stronger than expected Yuan fix from the PBOC. Sentiment was boosted as state banks were said to have provided credit support for LGFVs.
  • Bulls target the high from 30 Jun (7.2857). Bears focus on the 20-day EMA (7.1967).
  • In the equity space the CSI300 rose ~0.2%, the Golden Dragon was closed yesterday due to the US holiday.
  • Caixin Services PMI is due to, a downtick to 56.2 from 57.1 is expected. The June Composite print will also cross.

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