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USD/CNH: New 10-month high, watch WMP structures above 6.20

FXStreet (Bali) - USD/CNH or offshore Yuan, is under intense buying pressure at the open of Chinese trading, with the market over-reacting to a slightly higher fix in USD/CNY.

USD/CNH jumped to a fresh 10-month high of 6.1873 after USD/CNY fix came at 6.1351, just 10 pips higher from yesterday's. There are growing concerns that any move above 6.20 may see exotic WMP structures triggered, and potentially lead to a further follow through as positions get squeezed.

GBP/USD re-shaping and eyes toward key releases

GBP/USD has drifted back into 1.66 territories after testing the 50 DMA and looking threatening to the downside overnight. The ay ahead comes with a European session that will deliver key UK economic data and BoE minutes.
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Oliver to replace Flaherty as Canada's FinMin

Canadian Broadcasting Corp just informed that Canada’s new finance minister will be Joe Oliver, replacing Jim Flaherty on the post, after his resignation with immediate effects on Tuesday.
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