Free Trial

Offshore Yuan prints 6-month lows, USD........>

FOREX
FOREX: Offshore Yuan prints 6-month lows, USD firms across the board
- Antipodeans remained on the defensive overnight amid a backdrop of trade
tensions, a rally in China FX and soft ANZ Business Confidence data.
- The offshore Yuan slipped to 6-month lows of Cnh6.6174 against the USD,
further pressuring NZDUSD to fresh YTD lows of $0.6811. NZD continues to display
bearish momentum according to the MNI FX Technical Signal Monitor and would need
to break the $0.6800 area for the next leg lower. Focus on the RBNZ tonight
(2100GMT), unchanged widely expected. AUDUSD eased in sympathy to $0.7362, the
YTD low at $0.7346 provides key support.
- GBPUSD witnessed a sharp turnaround off early European traded highs ($1.3234)
back through $1.3200 to $1.3189. Month-end related EURGBP demand reportedly
behind the move which saw the cross extend through the 200-dma to Gbp0.8827.
- The broadly stronger USD pressured Scandi FX, SEK & NOK are currently
registering losses of -0.54%/-0.44% against the USD.
- USDCAD holds near the peak of its C$1.3297-1.3327 daily range with focus on
BoC Governor Poloz's speech in Victoria (2000GMT).

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.