0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
More View more
Real Time News
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.08% 🇯🇵JPY: -0.35% 🇪🇺EUR: -0.40% 🇦🇺AUD: -0.69% 🇳🇿NZD: -0.74% 🇨🇭CHF: -1.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/g48aHJoSf8
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 2.55% France 40: 1.77% FTSE 100: 1.77% Wall Street: 0.61% US 500: 0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/K4DUoqfBBy
  • $AAPL post-earnings looks parabolic even on a log chart that split is going to juggle up the composition of the $DJIA though. Only 30 stocks and this has been like 11% of the index. Big driver about to have a smaller impact on the $Dow post-split https://t.co/7xhnvbjKLA https://t.co/cgUn1ybQ6U
  • Ripple (XRP) - This could get interesting if we close above Sunday's spike high ($0.325)...#xrp #Crypto @DailyFXTeam https://t.co/2rrL5efGBa
  • Among the FAANG members, only $AAPL seems to be carrying over the momentum from last week's earnings wave. Here is my version of the high market cap tech index overlaid on the stock https://t.co/Z6KnMefH1c
  • 🇲🇽 Markit Manufacturing PMI (JUL) Actual: 40.40 Previous: 38.60 https://www.dailyfx.com/economic-calendar#2020-08-03
  • RT @WVenketas: $USDCAD price forecast: Last Place Battle – #Loonie or #Dollar? $USD $CAD https://www.dailyfx.com/forex/market_alert/2020/08/03/USDCAD-latest-Last-Place-Battle-Loonie-or-Dollar.html
  • The #Euro and Sterling both had a positive tone last week going into month-end and sellers have appeared in both currencies today. Get your market update from @nickcawley1 here: https://t.co/LBmxuV1sG1 https://t.co/H56olNlp7L
  • While the Dollar is continuing to extend its tentative gains from Friday with broad results against EM counterparts, $USDCNH still refusing to participate. I wonder if this is a reflection of their relationship or a conscious curb https://t.co/lhGeb1bsYF
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.37% Gold: -0.41% Silver: -0.73% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/dnPRohZ1Un
Yuan Gains on Chinese Premier Li's Talk; Eyes Resistance ahead of PMI

Yuan Gains on Chinese Premier Li's Talk; Eyes Resistance ahead of PMI

2017-06-27 20:43:00
Renee Mu, Currency Analyst
Share:

Talking points:

- China’s Premier Li’s comments on the economy added confidence into the Yuan.

- The next key indicator to watch is China’s official PMI print for June.

- Would you like to know more about trading? DailyFX webinars are a great place to start.

China’s Premier Li Keqiang expressed his confidence in the economy at the Summer Davos Forum on Tuesday. He told that during the first five months of 2017, economic indicators have shown improvements, China’s foreign reserves rebounded and Yuan exchange rates have maintained relatively stable. He reiterated that China will not experience a hard landing.

The Yuan started to gain against the U.S. Dollar since the early Asian session on Tuesday. Li’s comments added strength into this rally. Later in the day, when ECB’s President Draghi talked in a less-dovish tone on the central bank’s monetary policy, the Euro rose against the U.S. Dollar; because of the selling in the Dollar, the Yuan also extended gains against the Dollar, with the USD/CNH dipping 6.8083, the strongest level for the Yuan in a week.

USD/CNH 1-hour

Yuan Gains on Chinese Premier Li's Talk; Eyes Resistance ahead of PMI

Prepared by Renee Mu.

Looking forward, China’s official manufacturing PMI print for June to be released on Thursday will be a key driver to Yuan rates. The May official read held unchanged at 51.2 from the month prior and stayed in the expansion territory (above 50); however, the Caixin print for the same month fell unexpectedly to 49.6, the first time in 11 months dropping to the contraction territory.

The official gauge measures larger firms than the Caixin gauge does; bigger-sized producers are normally less sensitive to economic cycles than smaller ones. Thus, if the official print for June came to be worse-than-expected (especially if it falls below 50), that will indicate a major problem in the manufacturing industry and will be bad news for the Yuan. Currently, the USD/CNH is testing the upper band of a downward parallel. A dampened outlook on Chinese manufacturing industry could lead to a sustainable breakout for the pair.

USD/CNH 1-Day

Yuan Gains on Chinese Premier Li's Talk; Eyes Resistance ahead of PMI

Prepared by Renee Mu.

To receive reports from this analyst,sign up for Renee Mu’ distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.