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USD/CNH Can't Sustain Sub 7.1300, But Remains Below 200-day MA

CNH

USD/CNH sits above earlier lows, as broader USD sentiment has stabilized somewhat. The BBDXY was last around 1228.75 against earlier lows of 1228.23.

  • US Tsy 10yr futures sit just off session highs, while the 2yr yield has pared earlier losses somewhat, last near 4.37%. US equity futures remain in positive territory but off session highs.
  • USD/CNH is back to the 7.1400 region, little changed versus end NY levels. Lows for the session came in at 7.1284. Highs rest at 7.1468, which is not too far from the 200 day MA (7.1492).
  • The CNY fixing result was perhaps not as strong as was hoped, which may have tempered bullish CNH sentiment at the margins.
  • Onshore spot hasn't been able to test sub 7.1300 at this stage (last near 7.1350).
  • Onshore equities are higher but underperforming higher beta plays within the region. The CSI 300 hasn't been able to get back above 3400 at this stage.
  • Note the authorities will issue 6 month CNY bills in Hong Kong on Dec 20.
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