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USD/CNH Extends Winning Streak Despite Flat Fix

CHINA
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  • USD/CNH trades firmer again in early London hours, extending recent outperformance and putting the pair to new monthly highs at 7.2642. Today's price action narrow the gap with next major resistance into 7.2739.
  • Price action comes despite a steady official fix overnight (7.1101 vs. 7.1091), which keeps spot pinned toward the upper-end of the trading band - as has been the case for much of 2024.
  • Focus domestically remains on key stability risks, with Xi overnight telling his lawmakers than financial regulations need "teeth", and must take greater responsibility for defusing market risks - although the Xinhua report stopped short of any specifics.
  • This keeps focus ahead on official and non-official PMI data end-week and early next week, but it's US PCE data that will likely determine any further cycle highs for USD/CNH.
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  • USD/CNH trades firmer again in early London hours, extending recent outperformance and putting the pair to new monthly highs at 7.2642. Today's price action narrow the gap with next major resistance into 7.2739.
  • Price action comes despite a steady official fix overnight (7.1101 vs. 7.1091), which keeps spot pinned toward the upper-end of the trading band - as has been the case for much of 2024.
  • Focus domestically remains on key stability risks, with Xi overnight telling his lawmakers than financial regulations need "teeth", and must take greater responsibility for defusing market risks - although the Xinhua report stopped short of any specifics.
  • This keeps focus ahead on official and non-official PMI data end-week and early next week, but it's US PCE data that will likely determine any further cycle highs for USD/CNH.