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USD/CNH Retains Short-Term Uptrend

  • As was the case during Monday trade, yields and yield differentials are again a key driver, with USD/JPY following the steepening US yield curve: rate has touched new '23 highs at 145.74, clearing a key projection level and opening 146.38 as the next upside mark.
  • CNH remains on the backfoot, with USD/CNH within range of the overnight highs following the trim to the MLF rate (and subsequent cuts to the SLF rates) overnight. Markets moves have helped USD/CNH retain the short-term uptrend, with the pair printing higher lows for a seventh consecutive session.
  • Today's high markets a YTD best and targets the 7.3749 bull trigger - the Oct 25th '22 high.
  • As written above, GBP is the best performer following solid jobs data, with GBP/USD showing above the Monday high - although this has done little to change the downward trend condition just yet.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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