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According to analysts at ANZ,  US-China trade tension has returned, which  is impacting the  CNH, but they note  a number of other drivers, which are supportive of CNH.  

Key Quotes

“China-US yield differentials  have rebounded  on the back of an upturn in inflation and improving economic data in China.”

“Despite  near-term volatility stemming from the escalating  trade tension, we still look for CNH outperformance in most crosses (EUR/CNH, JPY/CNH, AUD/CNH, NZD/CNH and SGD/CNH)  over the longer term. Most central banks have turned dovish, in tandem with the US Federal Reserve. The ECB has restarted TLTRO, and the BoJ revised its forward guidance in April.”