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Lowest Since Late November

CNH

USD/CNH rose ~0.4% on Monday last printing at 7.2420/40 its highest level since November.

  • Softer than pre-COVID level spending surrounding the Dragon Boat festival holidays was the latest in negative economic news for China.
  • Bulls are focused on 7.2592, the high from 28 Nov 2022. Bears first look to break the 20-Day EMA (7.1576) to turn the tide.
  • In the equity space the CSI300 fell 1.4%, and in yesterday's US trading the Golden Dragon rose ~0.2%.
  • The data calendar is empty on Tuesday.

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