USDCNH continues to lose ground due to capital outflows ...Middle East

The USDCNH has continued to grind higher as capital outflows from China ramps up.According to Reuters, foreigners has pulled $4.54B this month via the stock connect scheme.We are approaching pervious 'max pain' levels for the PBoC between 7.36-37 where we saw previous attempts to curb Yuan losses.For now the move higher has been supportive of the USD, but any attempts from the PBoC could see knee-jerk moves lower for the USD so worth keeping this on the radar. This article was written by Arno V Venter at www.forexlive.com.

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