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USD/CNH Continues To Recover, Equities Lacking Follow Through To Yesterday's Rally

CNH

USD/CNH has continued to climb, last just 7.1600, sitting near session highs. We have lost 0.35% for the session so far in CNH terms. Lack of follow through in terms of mainland/Hong Kong equities today is likely weighing on CNH sentiment at the margins. Losses for major indices are modest at this stage (-0.45% for HSI, -0.25% for CSI 300) but CNH bulls may have been looking for a continuation of yesterday's positive momentum post the Politburo meeting.

  • The CNY fixing error was also narrower than recent sessions.
  • Broader USD trends aren't helping, with the BBDXY +0.15%, last tracking near 1215.50, although we are down from session highs, with the index unable to sustain gains beyond 1216.
  • Yesterday's highs were around 7.1900, before that though the 20-day EMA is close to 7.1865.
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