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USD/CNH Back To 7.3050, Washington Post States Biden-Xi To Meet In The US Next Month

CNH

USD/CNH tracked lower post the Asia close on Thursday. From highs near 7.3250 the pair pulled back towards 7.3030, in line with broader USD weakness. This left CNH +0.14% firmer for the session, underperforming some of the G10 gains seen against the USD. USD/CNH tracks near 7.3050 in early Friday dealings.

  • USD/CNH has moved away from recent highs through the course of this week, but from a broader perspective remains well within respected ranges. The 20-day EMA is very close to current spot levels, while the 50-day sits lower, near 7.2770. Moves sub or towards this support point have been supported going back to July of this year.
  • In the equity space, the Golden Dragon index ticked down further in Thursday US trade, down 0.25%, for the fourth straight loss.
  • A reminder that China onshore markets remain closed today, returning next Monday.
  • Headlines have also crossed from the Washington Post that US President Biden and China President Xi Jinping will meet next month in San Francisco.

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