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Free AccessUSD/CNH dips into negative territory.....>
CHINA YUAN: USD/CNH dips into negative territory as BBG reports that the U.S. is
weighing striking an FX pact with China as part of a partial deal. The story
came out just after a stronger than exp. PBoC fix, which may have magnified the
move. The pair currently sits ~90 pips lower on the day, at CNH7.1294.
- This comes after a series of conflicting signals on whether or not the Chinese
delegation plans to cut short its visit to the U.S. Speculations were triggered
by an SCMP source story pointing to such a possibility amid no progress in
deputy-level negotiations. USD/CNH spiked to CNH7.1684 in the immediate reaction
before easing off somewhat.
- Later on, we saw a CBNC reporter & the White House downplay the SCMP report,
while Fox cited unnamed Chinese sources as confirming earlier worries. The same
CNBC reporter then described the situation as "fluid."
- On the technical front, bears look to extend losses through the 50-DMA/Oct 4
monthly trough at CNH7.1083/75. Below opens the psychological CNH7.1000 level.
Bulls look for a return onto the CNH7.1500 handle before targeting resistance
zone at CNH7.1674-84, which has capped gains since Tuesday.
To read the full story
Sign up now for free trial access to this content.
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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.