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USD/CNH Dragged Higher By Onshore USD/CNY Gains

CNH

Onshore spot has traded with a firmer bias since the open. We pushed back above 7.2700, before finding selling interest. Still the pair is around +0.40% above yesterday's closing levels. This is highs for the week but still below recent cyclical highs above 7.3200. USD/CNH is up as well, getting near overnight highs close to 7.2800, before coming off. The equity impulse is weaker, with main onshore bourses down close to 1%.

  • A further tick up in covid case numbers likely not helping sentiment. 8494 for yesterday against 7740 on Tuesday.
  • The Chongqing area also announced tightened restrictions and closing of schools for two districts until November 13th. The Guangzhuo area reported a slight downtick in cases though.
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Onshore spot has traded with a firmer bias since the open. We pushed back above 7.2700, before finding selling interest. Still the pair is around +0.40% above yesterday's closing levels. This is highs for the week but still below recent cyclical highs above 7.3200. USD/CNH is up as well, getting near overnight highs close to 7.2800, before coming off. The equity impulse is weaker, with main onshore bourses down close to 1%.

  • A further tick up in covid case numbers likely not helping sentiment. 8494 for yesterday against 7740 on Tuesday.
  • The Chongqing area also announced tightened restrictions and closing of schools for two districts until November 13th. The Guangzhuo area reported a slight downtick in cases though.