Forex - China Flows: USD/CNH slightly coming off, pressures for upsides may return


 02:29 (GMT) 17 Jul

  [Forex Flows]

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China Flows: USD/CNH slightly coming off, pressures for upsides may return (0101-CDKM-C01)

USD/CNH was seen in an offered tone. Pair marginally came off to 6.6931 after starting the day above the 6.7000 handle. Weakening economic outlook has weighed on domestic markets, with stocks continuing to fall on Tuesday. Pair could test a strong resistance of 6.7326 in the coming days particularly if US-China trade tensions rise.

PBoC fixed mid-point at 6.6821 vs. previous close of 6.6924. USD/CNY opened at 6.6870 and almost touched the 6.7000 handle but came off to 6.6760 at last look. 1Y NDFs also seen dipping to 6.7600 handle. A sharp move beyond 6.7000 handle is likely to see further PBoC intervention. We see strong resistance at 6.7100 for USD/CNY.


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