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Free AccessUSD/CNH Back Above 7.1700, Spilling Over To Other Parts Of Asia
USD/CNH is back above 7.1700, last at 7.1775, which is fresh highs from late September. There doesn't appear to be a fresh catalyst for the move. HK and mainland equity markets are opening up weaker, particularly in the tech space. Also note onshore spot is firmer, with USD/CNY also pushing above 7.1700.
- This is spilling over to the rest of EM Asia FX. Spot USD/KRW is back to 1432/33 (+1.40% for the session), while USD/TWD is near 31.90, +0.65% for the session.
- Both of these currencies are being weighed on lower equities, the Kospi off 2.2%, the Taiex 3.40%, reflecting catch up with recent tech weakness and the fact markets were closed yesterday.
- Elsewhere AUD/USD is sub 0.6280, around 0.40% lower than NY closing levels.
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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.