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CNY - Markets Pull Back After Flirting With Breakouts
Market Vectors Chinese Renminbi/USD ETN
Overview: New two and a half month highs in the S&P 500 yesterday failed to have much sway in the Asia Pacific region and Europe today as US-China tensions escalate and profit-taking sets in. Perhaps it is a bit of "buy the rumor sell the fact" type of activity on the back of upticks in the preliminary PMI reading and hesitancy about pushing for what appeared to be breakouts.
The MSCI Asia Pacific Index snapped a four-day advance, although India and Taiwanese shares were bought. Europe has been chopping back and forth since surging 4%+