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Stronger Fix Fails To Keep USD/CNH At Session Lows

CNH

The PBOC fixed USD/CNY at 6.5355, 79 pips lower than the previous day and resuming the trend of a stronger yuan, after a weaker fix yesterday.

  • USD/CNH is higher on the session, last up 85 pips at 6.5256. Since hitting cycle lows on Wednesday 9 December the pair has moved in a range from 6.5161 to 6.5461.
  • The main driver of price action is the US dollar which touched a two year low as hopes for a stimulus package increased after Senate Majority Leader McConnell acknowledged Biden as the President-elect and said the Senate would not adjourn for the year without a relief package.

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