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Forex Flash: Bearish tone for USD/CNY ahead - BTMU

Bank of Tokyo Mitsubishi UFJ analysts can see a bullish tone ahead for USD/CNY and see a range of 6.2150-6.2350 forming.

They note that the onshore spot market was closed this week due to the Chinese Spring Festival and the PBoC intentionally set a stable fixing before the long holiday between 6.2680-6.2900. They write, “As the Chinese economic data looks brighter, we expect a steadily lower fixing back towards 6.2700 in the coming week when the Chinese markets reopen. Spot CNY is expected to trade in the 6.2150 – 2350 range, with the yuan likely to continue trading near the lower band ahead of the National People’s Congress in March.”

Forex Flash: Size matters for JPY and GBP - Societe Generale

Sebastien Galy, Senior FX Strategist at Societe Generale notes that as external imbalances correct from Japan to the UK, the size of the adjustment in portfolio positions is pressuring GBP and JPY crosses, with EUR/JPY putting pressure on EUR/USD.
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Forex: EUR/USD plunges as G-20 meeting takes place, low at 1.3312

The G-20 meeting is making the rounds, with EU's Rehn calling for more focus on reforms and less attention to fiscal and monetary stimulus. The main subject of the meeting for the FX market remains the question about policy on exchange rates. ECB's Asmussen defended market based rates, without fixed targets, and said the EUR is not seriously overvalued.
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