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Onshore USD/CNY Spot Breaks Above 7.2000, Fresh YTD Highs

CNY

Spot USD/CNY has finally broken above 7.2000. This is the first time the pair has been above this level since mid Nov last year. We quickly rose to 7.2085/90 and pressing towards 7.2100. The 200-day MA sits at 7.2108, so we may see some resistance at that point. Not surprisingly, we have seen a spill over bid to USD/CNH, with the pair up to 7.2380/90 (highs for the session at 7.2422).

  • This is also fresh highs for the pair going back to mid Nov last year, although we are through the simple 200-day MA for USD/CNH.
  • The HK/China equity market backdrop has been negative so far today, likely weighing on yuan sentiment.
  • The USD/CNY pair has been pressuring to break above this level for sometime though.
  • Most other USD/Asia pairs have risen in sympathy with the fresh yuan weakness.
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