USD/CNH sits around 7.2655 in early Monday Asia Pac dealings, which is slightly above end levels from Friday's session in NY. The pair rallied post the Friday US NFP print, but only modestly, gaining only 0.05% for the session, compared to a BBDXY USD index rise of 0.80%. Note USD/CNY finished up just under 7.2480.

• For USD/CNH, we are close to end May highs of 7.2683, beyond that lies highs from the 29th at 7.2758. The 20-day EMA sits back at 7.2525 on the downside.
• Some focus will no doubt rest on the USD/CNY fixing today, given model estimates will be biased higher in their estimates given the USD's bounce on Friday.
• US-CH yield differentials have surged back in the USD's favor. The 2yr spread (which ended last week close to +315bps) is at risk of making fresh cycle highs.
• The local data calendar has May money supply/credit figures due between now and the 15th of June. Note as well we have May CPI/PPI figures out on Wednesday this week.