Forex - China Flows: CNH still looking to weaken, even as PBOC fixing signals at currency support


 02:18 (GMT) 22 Aug

  [Forex Flows]   [Central Banks]

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China Flows: CNH still looking to weaken, even as PBOC fixing signals at currency support (0101-NKZF-C01)

USD/CNH has continued on a bid tone since the NY session. This is despite Fed minutes arguing for aggressive easing. Pair was last up to 7.0729. 7.1124 resistance is still far although possible to reach in the coming days. A move below 7.0411 support may result in some profit taking.

PBoC fixed mid-point at 7.0490 vs. previous close of 7.0633. This still signalled at some support for currency despite higher than previous days. USD/CNY gapped higher and stayed elevated, last at 7.0673. Attention is now at psychological 7.1000 big figure resistance given recent trends. 1Y NDF last at 7.1396.


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