Sean Callow, analyst at Westpac, points out that after all the headlines on US-China trade and Hong Kong, CNY and CNH are almost dead flat over the week. Key Quotes “7.20 to the dollar seems to be the new strong resistance, with USD/CNH falling about 40-50 pips short on Monday and Tuesday (<0.01%) and USD/CNY rolling over ahead of 7.19." “Of course the Asian currency rally mid-week on the HK government’s formal withdrawal of the extradition bill and confirmation of the resumption of US-China trade talks helped USD/China pull back. But even before then and despite US tariffs proceeding on Sunday on previously exempt imported Chinese goods, the daily USD/CNY fixings were firmly on the low side, much further below the spot close than we have seen for most of this year.” “So the yuan is not being weaponized – in fact the opposite seems to be occurring. Whether this costs the PBoC much in FX reserves remains to be seen – the guidance may largely suffice to limit capital outflows.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Riksbank: Still bent on normalising policy – Rabobank FX Street 4 years Sean Callow, analyst at Westpac, points out that after all the headlines on US-China trade and Hong Kong, CNY and CNH are almost dead flat over the week. Key Quotes "7.20 to the dollar seems to be the new strong resistance, with USD/CNH falling about 40-50 pips short on Monday and Tuesday ( Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
