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CHINA YUAN: USD/CNH last trades at CNH6.7173, ~90 pips lower on the day.
- The rate oscillated around the opening levels before slumping on the back of
an FT source story, which stated that "top U.S. & Chinese officials have
resolved most of the issues standing in the way of a deal to end their
long-running trade dispute." Worth highlighting the story still pointed at some
outstanding bones of contention, including enforcement mechanisms.
- Subsequent release of strong Caixin services & composite PMIs allowed the rate
to touch fresh intraday lows of CNH6.7107, before it ticked away from worst
levels. The services gauge touched the best levels since Jan 2018.
- As a reminder, Chinese VP Liu is visiting Washington for trade talks.
- Chinese Foreign Min Wang said that Beijing is in Belt & Road talks with
several EU countries and Chinese Premier Li will visit Europe on Apr 8-12.
- The rate has recently moved away from the channel resistance-turned-support
breached on Mar 22, located at CNH6.6904. A lift through the 21-DMA at CBH6.7199
would bring the Mar 28 monthly high of CNH6.7500 into play. Meanwhile, a dip
towards the aforementioned channel would let bears regain some momentum.