Continued (modest) CNH outperformance vs. the USD is notable given the uptick from lows in the BBDXY.
- A reminder that positive equity performance in China and mainland inflows via the HK-China Stock Connect schemes were noted in Asia/early London hours, supporting CNH.
- USD/CNH key support has been pierced (CNH7.1811), with USD/CNH showing as low as CNH7.1800.
- Next support levels come in at the 38.2% & 50% retracement of the Dec 29-Feb 14 recovery, located at CNH7.1779 and CNH7.1606, respectively.