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Greenback Gains Into London Close Most Evident Vs. CNH

CNH
  • Greenback faring better headed into the London close, possibly getting a boost from the fading equity market as the e-mini S&P revisits the European morning lows (level here is 3723.50).
  • USD gains most evident against CNH, which sees USD/CNH inch through resistance at 7.2288 to narrow the gap with 7.2381. A break above here would mark the highest level since late September and the cycle highs of 7.2674.
  • Worth noting reports earlier this week of state banks selling USDs in the onshore market - could contain price action going forward if these pick up further.
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