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Redback Unfazed By Softer Than Expected Yuan Fixing

CNH

Spot USD/CNH has been treading water, with little to provide fresh impetus. The rate last sits at CNH6.3766, within touching distance from neutral levels.

  • The PBOC set their central USD/CNY mid-point at CNY6.3803, 17 pips above sell-side estimate. Softer than expected yuan fixing failed to elicit any reaction in offshore yuan.
  • On the topside, CNH6.4104 which limited gains on Oct 29 provides the initial layer of resistance. On the downside, a slide through Nov 16 low of CNH6.3616 would expose May 31 low of CNH6.3525.

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