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BRENT TECHS

(F3) Key Resistance Remains Intact - For Now

GOLD TECHS

Rally Extends

EURJPY TECHS

Breaches Key Short-Term Support

EURGBP TECHS

Trend Needle Still Points North

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CNH Underperforms USD dip

CNH

USD/CNH briefly dipped sub 6.7400 before support emerged. This was fresh lows back to this time last week. CNH did underperform broader USD softness though. USD/CNH is just above 6.7450 currently. Beyond the high 6.7300 region, 6.7200 could be the next downside target. Also note that 6.7129 is the 50-day MA. On the topside, selling interest should still be seen between 6.7700/6.7800.

  • There are no major data releases today, with the next major release not scheduled until this coming Sunday, when official PMIs print.
  • The focus is likely to rest on the Biden/Xi call which will take place today. There is still no clarity on whether US House Speaker Pelosi's trip to Taiwan will actually take place.
  • The Golden Dragon index rose 1.7% overnight in US trading, in line with broad based equity gains, although delisting risk remains, with US-China authorities not yet reaching an agreement around auditing of China listed companies.
  • Onshore China media reports that there is a low chance of a further drop in short-term interest rates. Short term rates have been declining amid a system flush with liquidity.
  • In any event, 2yr US-CH government bond yield spreads have not been moving in favor of the USD. We are back to around +80bps, down from recent highs above +100bps.

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