USD/CNH hit fresh highs ahead of high-stakes trade talks, a currency move which will surely irk the president and have a large impact on markets if Yuan weakness is sustained. If momentum is persists it could be headed for 0.6920 and 0.6980 if Beijing allow. Over the near-term we’ve seen USD/JPY hold above its cycle low (unlike GBP/JPY and commodity/JPY) and suspect it could be in for a minor bounce. Yet the magnitude of any bounce would be down to the success of these talks, where a failure to reach an agreement would likely see tariffs hiked and safe-havens soar. Matt Simpson takes a technical look.
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