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Free AccessUSD/CNH last trades at CNH6.7260, ~40....>
CHINA YUAN: USD/CNH last trades at CNH6.7260, ~40 pips higher on the day, on the
back of a modest softening in the CNY fixing, which was in line with market exp.
Xinhua reported that China's Liu spoke with U.S.'s Lighthizer and Mnuchin via a
phone call, with both sides making "substantial progress on the wording" of
their trade deal. These headlines provided little in the way of support for CNH.
- The rate added ~210 pips yesterday, as a combination of modest disappointments
in Chinese activity data and a moderation in enthusiasm re: Sino-U.S. trade
talks weighed on the yuan. The activity data broadly fell in line with exp., but
industrial output & unemployment missed forecasts. Elsewhere, in the European
morning the press reported that U.S. President Trump and his Chinese counterpart
Xi will not be meeting this month, which sent USD/CNH to intraday highs of
CNH6.7353. The news was later confirmed by U.S. Tsy Sec Mnuchin, with China said
to be pressing for making Xi's trip to the U.S. an off'l state visit.
- Yesterday's close above the 21-DMA leaves bulls targeting the CNH6.7326-6.7374
area. Bears need a move back below the 21-DMA to open up CNH6.7000.
- China house price data is due shortly, with Premier Li set to close the NPC.
To read the full story
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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.