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USD/CNH Dips Through Monday Session Lows, Equity Tone & CNY Fixing Eyed

CNH

From earlier highs just shy of 7.1900, USD/CNH is back sub 7.1800, which is through lows from Monday's session. We last tracked near 7.1790 (session lows were at 7.1768). Broader USD trends are fairly muted, although AUD and NZD are lower versus Monday NY closing levels.

  • The near term focus is likely to rest with the tone to onshore/HK equities, following a strong positive lead from the Golden Dragon index in US trade on Monday (post the Politburo headlines). Focus will also be on the NCY fixing, which came in stronger than expected on Monday (albeit not as wide as Thur/Fri last week).
  • Lows from last week in USD/CNH came in close to the 7.1650 region, beyond that is mid July lows near 7.1200. Recent highs in the pair were around the 7.2370 level.
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