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USD/CNH Back Above 6.8000, As Equities Soften


USD/CNH got above 6.8100, before finding some selling interest. This is fresh highs in the pair back to Monday of this week. Weakness in the equity space is not helping, although losses are more pronounced in Hong Kong compared to mainland indices.

  • The HSI is off by around 2%, with tech underperforming. The CSI 300 is down by around 0.60% at this stage, with northbound stock connect flows negative so far today (around -2.5bn yuan).
  • The earlier CPI data probably hasn't aided the easing case from a monetary policy standpoint, so this may be weighing at the margin. Speculation of easier policy settings in Q2 was a factor that appeared to help equity sentiment yesterday.
  • Other USD/Asia pairs are mostly higher as well, while the USD is firmer in the G10 space as well.

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