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14 Sep 2016

Overnight CNH HIBOR jumps, helps curb short selling pressure

CNH Hong Kong Inter-bank Offered Rate (HIBOR), which represents the borrowing cost of offshore Yuan in the interbank market, rose to 8.16167%, the highest in seven months.

Experts say the rise in HIBOR is a sign that PBOC wants to curb short selling (speculation) in order to keep Yuan stable ahead of its inclusion in the Special Drawing Rights (SDR) basket of International Monetary Fund (IMF) later this year.

Yuan has come under pressure on speculation the Fed would hike rates this year and is actually one of the weakest Asian currencies this year.

Note - The rise in Hibor increases short seller’s cost of borrowing the currency and thus curbs speculation activity.

Sep 14, 2016

USD/CAD corrects lower to test 1.3150 as Oil bounces

The US dollar is seen losing ground versus its Canadian counterpart in the mid-Asian trades, sending USD/CAD further away from five-tops reached at 1.

EUR/USD recovery gains traction, set to test 5-DMA

The EUR/USD pair finally breaks its consolidation phase to the upside and prints fresh daily tops, as the USD buying stalls across the board. EUR/USD