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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.
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USD/CNH Pops Higher Amid Thinner Liquidity
Spot USD/CNH has crept higher and last trades +88 pips at CNH6.7434, with China enjoying the last day of holidays. Little to drive the move on headline feeds, with lower liquidity likely playing a role here. U.S. Vice-Presidential candidates touched upon relations with China during their debate, but didn't really say anything shocking, with Sen. Harris accusing the Trump administration of losing a trade war with Beijing & current Vice Pres Pence blaming China for the coronavirus pandemic.
- A clearance of Oct 2 high of CNH6.7781 would clear the way to Sep 24 high of CNH6.8462, a key near-term resistance. Bears look for a drop through Oct 5 low of CNH6.7136, which would shift focus to CNH6.68-67 area, which cushioned losses when the rate charted a triple bottom pattern back in 2019.
- China's Caixin Services & Composite PMIs are due tomorrow.
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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.