Bullish Yuan
The recent optimism regarding a Phase 1 US-China deal has supported the Yuan. The current wobble shouldn't be enough to de-rail that optimism and yuan strength as long as the deal is only delayed and not cancelled. That is the risk going forward, that the deal is cancelled and then we will see a capitulation in risk with JPY and gold bids and equity markets selling off.
USDCNY currently finding some near term support at the key 7.00 handle.
