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USD remains on the backfoot

FOREX
  • USDCNY and USDCNH bounce off the lows after falling close to 3 big figures, after Biden said that Chinese tariffs imposed by the Trump administration were under consideration.
  • Although not all good news regarding US/China relations, after Biden replied "yes" when asked if he was willing to defend Taiwan.
  • CNH and CNY are nonetheless the best performers against the Dollar vs Asian currencies.
  • In G10, the Pound extends gains, now 100 pips range, and the third best performing currency in G10 against the USD, behind the Kiwi and the Aussie.
  • Next upside target for Cable is at 1.2600, followed by 1.2638 High May 4 and a key resistance.

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