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The yuan provided the focal point of..........>

FOREX: The yuan provided the focal point of Asia-Pacific dealing, although it
was a news-light session. CNH was on the back foot from the off, coming under
pressure from a fresh round of stimulative measures announced by China to stir
up domestic demand. Both USD/CNH & USD/CNY registered a fresh cycle high after
the yuan fixed at the weakest level in a year, although both now operate shy of
session highs.
- JPY initially benefitted from the softer yuan & then advanced further around
the Tokyo fix, but the yen's advance stopped ahead of/around some key MA's.
USD/JPY last trades 5 pips or so softer at Y111.30, off the low of Y111.06.
- The remainder of the majors hovered either side of unchanged vs. the USD,
struggling for any clear direction.
- Focus on Tuesday turns to flash EZ & U.S. PMI data.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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