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USD/CNH Through Yesterday's Highs, Sitting Close To MTD Highs

CNH

USD/CNH is probing higher as we approach the London cross over. The pair is just above yesterday's highs, last tracking around 7.2350/60. Highs 7.2380/85 were seen on October 13th. Beyond that is the late September highs (28th) near 7.2675, which was also the most recent cyclical high.

  • Onshore spot is following higher, but remains sub 7.2200 (last 7.2190/95), so this move looks to be more offshore led. We are also still below the upper limit for today's spot range (7.2527).
  • The offshore nature of the move fits with CNH keeping track with EUR for the most part today, with the EUR/CNH unchanged for the session so far, sitting just above 7.1200.

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