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USDCAD TECHS

Key Support Zone Holds - For Now

AUDUSD TECHS

Watching The 50-Day EMA

US TSYS

SOFR/Treasury Option Roundup

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CHINA YUAN
CHINA YUAN: USDCNH remains on the front foot ahead of the PBOC fix, trading at
6.8807, with the August 24 peak at 6.8955 the next level of resistance for the
pair. A break above here would suggest a retest of the August 15 high of 6.9586
and put the question of intervention back on the table. 
- The yuan's weakness yesterday came despite a large rise in Chinese rates, with
the 2 year breaking to the upside to touch 3.0% at one point before settling at
2.97%. Rising US yields kept the China-US spread at minimal levels, with the
spread currently at 3.8bps. 
- This has seen the 21-day rolling correlation between CNHUSD and Chinese 2-year
swaps fall to 0.27. The CNHUSD-CSI300 correlation rose back to 0.35 following
the decline in both markets. 

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