After days of CNY fixing at levels that were mildly weaker than the basket move suggested, CNY fixing appears to have turned more neutral of late, according to Frances Cheung, Research Analyst at Westpac.
Key Quotes
“The authorities might previously have tried to avoid CNY outperformance against its Asian peers. After the recent depreciation, the CNY may consolidate around 6.3494-6.4335, the 100DMA and 38.2% retracement (from 2014 low/2017 high) respectively.”
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