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USD/CNH Finds Support At 50-day EMA, After Early Stock-Induced Dipped

CNH

USD/CNH has recovered some ground from earlier lows. The pair last around 7.1630/40. Earlier lows were at 7.1467, which is very close to the 50-day EMA. Gains were strong amid the opening frenzy of Hong Kong and Mainland stock indices. These markets remain strongly in positive territory (HSI last near +2.9%), but the pace of gains has stabilized. The wider USD/CNY fixing error also helped.

  • At this stage, CNH sits +0.3% firmer for the session, gains were beyond +0.5% at the USD/CNH lows.

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