USDCNH Extends Dive While S&P 500 and Dollar Await an Unreliable Fed Signal

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USDCNH, Dollar, S&P 500 Talking Points:

• Remarkably, the S&P 500 managed a fifth consecutive bullish opening gap without pushing the benchmark from its congestion between 3,400 and 3,300
• Risk trends have broadly struggled for a course – partly as a systemic driver has failed to emerge and perhaps in part due to expectations for today’s FOMC decision
• With the Pound slowing its tumble, one of the few remarkable outliers still charging is USDCNH which has extended drop to fresh 16 month lows as trade war fogs rise

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