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FOREX: The ongoing weakness in the Chinese yuan is driving Asian FX
underperformance versus the euro.
- EURCNH continues to grind higher, making its way above resistance that marks
the downtrend from the August 2017 high. The pair looks to be heading to 8.0000,
from its current level of 7.8420, while a move back below 7.7700 would provide
some breathing room for yuan bulls. 
- Having cleared downtrend resistance from its February peak at 130.00, EURJPY
continues to trade higher, with its 200DMA the next hurdle at 131.94 (spot:
131.44). The euro's relative strength comes in spite of the ongoing widening in
real yield differentials in Japan's favour.
- EURKRW is testing 3-month highs today at 1319.60 after having risen 6% in the
past 6 weeks. Again, the euro's relative strength is out of line with trends in
real yields, suggesting that the rally does not have fundamental support. 

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