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USD/CNH & USD/CNY Holding Below Recent Highs

CNH

Spot USD/CNY is edging away from earlier highs (last 7.1640/45). We got close to 7.1680 before losing some upside impetus. Note this is below yesterday's high around 7.1685. USD/CNH is back below 7.1700 (last 7.1660/65). Dips are still supported in both pairs. Sentiment is being helped at the margin by the softer USD tone against the majors (DXY back sub 113.70), although CNH is down on a cross basis.

  • Earlier industrial profits showed further slowing momentum in August, down -2.1% y/y YTD, versus -1.1% in July.
  • There will be more focus on Friday's September PMI prints.
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Spot USD/CNY is edging away from earlier highs (last 7.1640/45). We got close to 7.1680 before losing some upside impetus. Note this is below yesterday's high around 7.1685. USD/CNH is back below 7.1700 (last 7.1660/65). Dips are still supported in both pairs. Sentiment is being helped at the margin by the softer USD tone against the majors (DXY back sub 113.70), although CNH is down on a cross basis.

  • Earlier industrial profits showed further slowing momentum in August, down -2.1% y/y YTD, versus -1.1% in July.
  • There will be more focus on Friday's September PMI prints.