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Key Support Remains Exposed


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USD/CNY Back Close to 7.2500, 0.20% Away From Upper Daily Trading Limit


USD/CNY onshore spot has pushed higher in the early part of trading. The pair is near yesterday's highs close to 7.2500 (last 7.2460). Onshore spot hasn't broken convincingly above 7.2500 during the current cycle. Note with today's onshore fixing coming in at 7.1186, the upper limit on onshore spot (+2% from the fixing), is just under 7.2610, which is around 0.20% away from prevailing spot levels. Note we did get closer to the top end of the daily band back in late September.

  • There has been some spill over to USD/CNH, with the pair pushing back above 7.2600, but most of the move has come from the onshore side, which has once again helped compress the USD/CNH-USD/CNY spread.

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