Free Trial

-USD/CNH suffered its second intraday drop....>

FOREX
FOREX: -USD/CNH suffered its second intraday drop of more than 1% in as many
weeks on Friday as the PBoC resumed the use of the counter-cyclical factor in
the CNY fixing - effectively signaling that the central bank are ready and
willing to shore up the currency should they deem it necessary. As a result,
USD/CNH slipped below 6.80 for the first time since July 31st.
-Already suffering from the CNH rally, USD was dented further alongside Fed
chair Powell's opening comments from the Jackson Hole policy symposium, wherein
he talked down the risks around overheating the economy, signaling that the Fed
aren't in a rush to hike rates. The USD index re-visited the week's lows
following the release.
-AUD started Friday strong and finished it stronger, with markets hoping the
appointment of former Treasurer Morrison will mean an end to the political
uncertainty. AUD was the strongest in G10 Friday, dragging the NZD with it.
-Monday will likely be quiet with the UK bank holiday, but German IFO data is
due.

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.