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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessSandwiched Between 50-DMA & 100-DMA
The greenback continued its move higher on Thursday pushing USD/CNH to highs of 6.4653 before pulling back slightly. The move higher stalled just below the 100-DMA, 6.4694, and denoted the highest since May 6. The pair is sandwiched between its 100-DMA and 50-DMA (6.4442), last trades at 6.4518.
- Markets will watch the PBOC's fixing today, yesterday saw the biggest one day increase for USD/CNY since March 2020 while the pair closed at a one month high, however the weakness in the euro has skewed the CFETS basket, which could mean further upside for USD/CNY and the PBOC is unlikely to resist.
- Elsewhere, there were reports in the China Securities Times that volatility in the yuan could increase in the second half of the year, echoing comments last week from the head of the currency regulator.
- As a reminder, late yesterday China's Commerce Ministry Spokesman Gao Feng said China faces uncertainties in foreign investment this year, adding that China is looking to improve trade policy tools to support trade companies.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.