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USD/CNH Back Above 7.1900, Local Equity Headwinds Continue

CNH

USD/CNH is modestly firmer, last near 7.1925. We got to 7.1949 in earlier dealings, which was a touch above Friday highs. The 100-day EMA sits near 7.1990, while the mid Jan high came in just above 7.2320.

  • Windup orders for troubled property company Evergrande, has likely seen property concerns resurface from an investor sentiment standpoint. Onshore equity indices are lower, off by 0.4-0.5% at this stage. Hong Kong's HSI is still up a little over 1%.
  • Elsewhere the USD index sits slightly higher, but the majors have tracked reasonably tight ranges so far today.

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