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USDCNH focus turns to Phase 1 trade.

CHINA YUAN

USDCNH has faded most of the overnight gains, albeit within past ranges.

  • The pair is looking at testing today's low at 6.9402, now at 6.9428.
  • Looking at the calendar, next data event comes on Friday with IP and retail sales.
    Also, US-China trade talks are back at the forefront going forward.
  • Some reports last week expected talks to resume on or near the 15th of August, but some might start to speculate that following Bloomberg reporting earlier (citing unnamed sources), that China will raise the issue of WeChat/TikTok In Phase 1, as well as agricultural purchases.
  • Virtual talks could take place as soon as this week, BUT there is no firm date, per Bloomberg's sources.
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