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19 Jan 2024

USD/CNY: Unlikely to go below 7.0000 in 2024 – TDS

Chinese Yuan (CNY) likely to tread water in 2024, analysts at TD Securities say.

Onshore firms still rather sell the CNY and keep to USD

China's murky economic outlook isn't favourable for the Yuan and we expect the inflows registered over Nov/Dec to reverse.

Onshore firms still rather sell the yuan and hold USD despite USD weakness late last year and hints of their medium-term bearish view on the currency. 

More pressure on the RMB is expected as outbound China travel picks up, evident from the jump in FX sales (services). As such, we don't expect USD/CNY to go below 7.0000 in 2024 despite our bearish USD view this year.

 

Jan 19, 2024

GBP/JPY Price Analysis: Trims gains below 188.50 amid the overbought condition

The GBP/JPY cross trades in positive territory for the fifth consecutive day during the early European session on Friday.
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Jan 19, 2024

Forex Today: US Dollar consolidates weekly gains amid a cautious mood

Here is what you need to know on Friday, January 19: The tech rally-led risk-on sentiment on Wall Street failed to extend in Asian trading on Friday, as the Middle East geopolitical tensions heated up alongside persistent Chinese economic worries.
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