Confucius: the man who broke the mountain was the same man who started ...
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A Stronger Yuan Could See USD/SGD Drop
It’s early days, but we’ve seen a slight lift in global sentiment, resulting in the Chinese Yuan being allowed to appreciate against the USD at its fastest daily pace in 2-months yesterday. Considering that multiple USD majors and crosses displayed bearish reversal candles on Tuesday, before extending losses yesterday suggests it’s likely the USD correction is truly underway. So, in-light of improved sentiment, USD/CNY (and therefor USD/CNH also) could also retrace against their parabolic moves seen since May. Or we could consider trading ASEAN trade partner such as USD/SGD, as there are loose correlations ... (full story)