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CNH: USD/CNH Testing 50-day EMA Support, Amid Broader USD Weakness

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USD/CNH has slumped back under 7.2900, amid broad USD weakness. Session lows rest at 7.2827 and we sit slightly higher in latest dealings, near the 50-day EMA support zone (7.2870). As we have noted recently, this support level has not been an important inflection point for USD/CNH recently. The 100-day EMA, just under 7.2600 is likely more important in this regard. We have spent little time under this support level since early Nov last year.

  • CNH is up around 0.30% at this stage, with onshore CNY up by a similar amount. This is slightly lagging EUR gains, but CNH continues to outperform the yen.
  • China equities are lagging the broader risk positive tone in the equity space (led by the bounce in Euro area equity futures).US-CH yield differentials sit off recent highs, but aren't pointing to a sharp pull back in USD/CNH. 

  • The WSJ is also reporting that China is attempting to be a peace maker in relation to the Ukraine situation (see this link). 

     

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USD/CNH has slumped back under 7.2900, amid broad USD weakness. Session lows rest at 7.2827 and we sit slightly higher in latest dealings, near the 50-day EMA support zone (7.2870). As we have noted recently, this support level has not been an important inflection point for USD/CNH recently. The 100-day EMA, just under 7.2600 is likely more important in this regard. We have spent little time under this support level since early Nov last year.

  • CNH is up around 0.30% at this stage, with onshore CNY up by a similar amount. This is slightly lagging EUR gains, but CNH continues to outperform the yen.
  • China equities are lagging the broader risk positive tone in the equity space (led by the bounce in Euro area equity futures).US-CH yield differentials sit off recent highs, but aren't pointing to a sharp pull back in USD/CNH. 

  • The WSJ is also reporting that China is attempting to be a peace maker in relation to the Ukraine situation (see this link).