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Bias Bearish-to-range-bound; USD/CNY is below its 90-day average and sits in the lower half of the three-month range. Key drivers - Rate gap: The Fed is expected to cut rates later this year, while the PBOC maintains a cautious stance, widening the gap that could lift USD/CNY if US data stays firm. - Macro factor: Upcoming US payrolls and unemployment data will shape Fed easing expectations and guide USD moves. Range Hold near the lower end of the three-month range, with occasional drift toward the middle as data flows. What could change it - Upside risk: stronger-than-expected US payrolls or a hawkish Fed stance could lift the dollar. - Downside risk: further PBOC yuan-support measures or softer US data could ease USD pressure and push USD/CNY lower