AUS,AUSFOREX, aussingapore foreign exchange platform ,Foreign exchange opening,Foreign exchange transaction,Online foreign exchange

 找回密码
 立即注册
搜索
热搜: 活动 交友 discuz
查看: 55|回复: 0

USD/CNY pulls back from 7.5-week highs

[复制链接]

551

主题

551

帖子

1707

积分

管理员

Rank: 9Rank: 9Rank: 9

积分
1707
发表于 2018-10-8 14:23:49 | 显示全部楼层 |阅读模式
The Chinese yuan (CNY) fell in early trade in response to China's decision to cut the reserve requirement ratio (RRR).
USD/CNY jumped to 6.9053 - the highest level since Aug. 16 high.
The PBOC says the RRR cut would not accentuate bearish pressure around the CNY.
The USD/CNY rose to a 7.5-week high of 6.9053 in Asia, as the People's Bank of China (PBOC) announced an RRR cut over the weekend.

The central bank's 100 basis point rate cut will come into effect from Oct. 15 and is seen injecting a total of 1.2 trillion yuan ($175 billion) in the system.

The CNY fell in early trade as traders digested the RRR cut. The Chinese currency also came under pressure as the PBOC set the yuan reference rate at the weakest level since May 11, 2017.

Looking forward, the widening US-China differential could add to the bearish pressure around the Chinese currency, although as of writing, the CNY is gaining ground. The USD/CNY is currently trading at 6.8999, having clocked a high of 6.9053 earlier today.

The market seems to have taken heart from the fact the actual PBOC fix was 37 pips firmer than Reuters' estimate of 6.8994 per dollar.

Further, the central bank has reportedly said that the rate cut would not create depreciation pressure on the CNY, adding that it would keep the foreign exchange markets stable.

USD/CNY Technical Levels

Resistance: 6.9053 (session high), 6.9331 (yearly high)

Support: 6.8670 (Sept. 28 low), 6.8325 (Sept. 21 low)
Trading foreign exchange on margin carries high potential rewards but also high potential risks that may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience and risk appetite. Past performance is not indicative of future results, which can vary due to market volatility. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Any opinions, news, research, analyses, prices or other information contained on this website or linked to from this website are provided as general market commentary and do not constitute investment advice. AUSFOREX does not accept liability for any loss or damage, including any loss or profit, which may arise directly or indirectly from use of or reliance on such information.

本帖子中包含更多资源

您需要 登录 才可以下载或查看,没有帐号?立即注册

x
回复

使用道具 举报

您需要登录后才可以回帖 登录 | 立即注册

本版积分规则

aussingapore.com  

GMT+8, 2019-6-26 03:34 , Processed in 0.078161 second(s), 22 queries .

X3.2

© 2017-2018

快速回复 返回顶部 返回列表