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USD/CNH Breaks Lower

CNH

USD/CNH has broken lower, to fresh lows since early May, seemingly hitting an air pocket after taking out previous lows around the 6.6500 level. With China and Hong Kong markets closed today liquidity is likely to be lighter. Note there will be no onshore fix.

  • Today, we spent the early part of the session oscillating around 6.6600 before breaking lower. We are now 0.40% above the NY close in CNH terms. The low was 6.6170 but we have stabilized somewhat.
  • The flow on effect to other pairs has also been evident. USD/KRW is sub 1240, while AUD and NZD are pressing higher.
  • Yesterday China officials vowed to enact stimulus measures. This included refunding of value added taxes and ensuring smooth local special bond issuance. This should aid infrastructure investment.
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