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USD/CNH Ticking Lower, Local Equity Sentiment Improves

CNH

USD/CNH sits close to session lows in recent dealings, the pair last near 7.2220, which is right on session lows. Highs rest just above 7.2440 from earlier. Note yesterday lows were near 7.2000, so we are still some distance from those levels.

  • The stronger than expected CNY fixing biased USD/CNH lower, while July inflation data has come and gone without a huge market impact. A sense that we may be behind the worst of the deflationary impulse may be helping sentiment at the margins.
  • China equities are trying to climb higher, which is reversing opening losses. The HSI has firmed as well, tracking around +0.3% higher a short while ago.
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