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Yuan crosses are looking bearish as......>

CHINA YUAN
CHINA YUAN: Yuan crosses are looking bearish as the CNH comes under renewed
pressure from the escalating trade war. While USDCNH remains some way off its
July 3 peak, EURCNH is at new cyclical highs and is breaking through its
downward sloping resistance line from the August 2017 peak. 
- JPYCNH held support yesterday at the May 29 high of 5.946 and has moved back
to the middle of its 2-week range. Bigger picture, the entire bearish trend
since 2016 appears to be giving way in favour of yen outperformance. 
- The yuan looks set to continue weakening on a trade-weighted basis as the
ongoing collapse in interest rate expectations weighs on the currency. 

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