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Forex Flash: USD/CNY looks neutral ahead – BTMU

Bank of Tokyo Mitsubishi UFJ analysts have taken a look at USD/CNY´s prospects and are neutral for the week ahead, with a range between 6.2100-6.2500.

They note that progressively higher onshore fixings easily pulled up USD/CNY spot in the last trading week before the holidays, to break their topside range for last week. In a week ahead when USD/CNY will not trade at all onshore, it's easy to have a "neutral" outlook. They feel that official efforts have been directed towards lower short rates and higher USD/CNY, but it seems a bit like manufactured weakening. Logically a more cautious monetary policy ahead could see less injections of liquidity, but this remains to be seen. They write, “Offshore, USD/CNH still feels a bit heavy at times. The wider onshore fix and offshore spot diverge, the more interesting the prospects for future capital flows.”

Switzerland: Real Retail Sales jump 5.1% in December

On an annual basis Swiss Real Retail Sales rose 5.1% in December, compared with the 3% increase seen the previous month, the Swiss Federal Statistical Office reported on Friday. This is a much better result than the 3.2% growth expected by economists.
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Forex: NZD/USD establishing fresh highs at 0.8370

The NSD/USD has risen Friday after an upbeat overnight session saw the pair ascend off of its daily lows at 0.8325 without ever looking back. Indeed at the time of writing the cross has jumped a steady +0.41% during European trading, placing the exchange in the region of 0.8366/69, establishing fresh session highs.
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