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26 Jun 2018

China's Yuan drops to lowest since December 28

  • USD/CNY rises to 6.5552 - the highest level since December 28.
  • The Chinese currency is losing ground as the People's Bank of China (PBOC) cleared the way to inject US $100 billion.

The USD/CNY pair rose to 6.5552 on Tuesday - the highest level since December 28, possibly due to PBOC's liquidity injection.

The central bank on Sunday announced it would cut the amount of cash that some banks need to hold in reserve – known as the reserve requirement ratio. The move is seen infusing US $100 billion to help soften the blow from a trade battle with the US.

Further, the PBOC did not raise rates following US Fed's 25 basis point rate hike and the resulting widening of the rate differential could be playing a role in pushing CNY lower.

USD/CNY Technical Levels

Resistance: 6.5590 (Dec. 27 high), 6.57 (Oct 11 low), 6.5725 (Nov. 23 low).

Support: 6.5354 (Jan 10 high), 6.4749 (Jan. 8 low), 6.4355 (September 8 low).

Jun 26, 2018

Emerging Market currencies to extend weakness into H2 2018 – Barclays

In its latest FX outlook for H2 2018, the Barclays Research Team notes that the US dollar is likely to be the preferred currency amid trade war fears
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Jun 26, 2018

AUD/JPY Technical Analysis: Bear flag breakdown seen in hourly chart

Hourly chart Spot Rate: 81.05 Daily High: 81.42 Daily Low: 80.97 Trend: Bearish Resistance R1: 81.13 (May 9 low) R2: 81.42 (session high) R3
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