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Free AccessOutside of USD/CNH, Tight Ranges Persist
Outside of the sharp drop in USD/CNH, USD sentiment has been mixed. Ranges have been tight in the major currencies.
- The sharp drop in USD/CNH remains the main focus point for FX markets. The break down through previous lows at 6.6500 seemingly triggered stop losses. We got to 6.6170 before sentiment stabilized. Last tracking slightly above 6.6350, around 0.30% below NY closing levels for the pair.
- Comments from PBoC Deputy Governor Pan Gongsheng which implied the USD had risen beyond expectations (see this BBG article ICYMI) may have aided the move lower. However, the comments were made yesterday, so difficult to attribute today's break of 6.6500 to such comments.
- The CNH move drove other beta pairs in G10, like AUD and NZD higher, USD/KRW also dipped sub 1240, but there has been little follow through.
- AUD/USD has drifted back down sub 0.7260, after the earlier spike above 0.7280, while NZD/USD is back to 0.6555. USD/KRW is back above 1242.
- EUR/USD rose above 1.0760 but we are now back below that level.
- USD/JPY rose above 130.00, but again found selling above this level, we are back to 129.80.
- Cross asset signals are fairly muted, not surprising given the markets closed throughout the region today and ahead of another UK holiday.
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