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Free AccessUSD/CNH Extends Winning Streak Despite Flat Fix
- 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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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.