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###POV-The CNY has been on a tear........>

CHINA YUAN
CHINA YUAN: ###POV-The CNY has been on a tear against the dollar rising over
4.7% since late June. Optimism ahead of the 19th National Congress on Oct 18,
suppression of capital outflows and fading China growth concerns are all seen
boosting sentiment. Local exporters have reported been heavy sellers since the
break of 6.6000 leading to a fresh year-to-date low of 6.5194 posted yesterday.
Daily technical studies are all grossly oversold, but with decent support
looming at 6.5021 we may see CNY bulls start to take some cash off the table.
The level marks the 50% Fibonacci retracement on the 6.0393 (Jan2014 low) to
6.9649 (December 2016 high) and just below at 6.5000 should prove a
psychological barrier.
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