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.

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
Bullish
Oil - US Crude
Mixed
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
Wall Street
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
Gold
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
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Last week, Gold rallied to an over seven and a half-year high then retreated after. Will today’s US non-Manufacturing ISM numbers (15:00UK) push the yellow metal even higher? #Gold, #USeconomy, #USD https://t.co/MnX3ozkrUu
  • Tune in to @nickcawley1 's #webinar at 6:30 AM ET/10:30 AM GMT to prepare for key UK events and markets in the week ahead. Register here: https://t.co/xewSeUoDaT https://t.co/WBZiTNxKIY
  • 💶 Retail Sales YoY (MAY) Actual: -5.1% Expected: -7.5% Previous: -19.6% https://www.dailyfx.com/economic-calendar#2020-07-06
  • Heads Up:💶 Retail Sales YoY (MAY) due at 09:00 GMT (15min) Expected: -7.5% Previous: -19.6% https://www.dailyfx.com/economic-calendar#2020-07-06
  • 🇬🇧 Construction PMI (JUN) Actual: 55.3 Expected: 47 Previous: 28.9 https://www.dailyfx.com/economic-calendar#2020-07-06
  • Missed today's Cross-Market Weekly Outlook webinar? See the recording here - https://t.co/lnB12vU3A4 #markets #outlook #Fed
  • BoJ likely to keep maintain stance that economy will recover gradually later this year from COVID-19
  • Heads Up:🇬🇧 Construction PMI (JUN) due at 08:30 GMT (15min) Expected: 47 Previous: 28.9 https://www.dailyfx.com/economic-calendar#2020-07-06
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/3eRiyhBW8i
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.41%, while traders in US 500 are at opposite extremes with 71.46%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/8FDsfH3v3q
Yuan Surges as PBoC Intervenes, Carney Pressures Pound - US Market Open

Yuan Surges as PBoC Intervenes, Carney Pressures Pound - US Market Open

2018-08-03 13:31:00
Justin McQueen, Analyst
Share:

Check out the brand new DailyFX trading forecasts for Q3

MARKET DEVELOPMENTS – YUAN SURGES ON PBOC INTERVENTION

US equity futures are marginally in positive territory with the Nasdaq 100 outperforming slightly with sentiment for tech names somewhat optimistic after Apple reached the $1tln milestone. However, trade concerns continue to linger.

CNH/CNY: Intervention at last from the PBoC. The Chinese Yuan saw a sharp move higher after the PBoC raised the reserve requirement on FX forwards to 20%, adding that they will take counter cyclical measures in order to stabilise the currency. As a reminder, in September 2017, the PBoC had cut the reserve requirement to zero from 20%, which was seen as an effort to stem the Yuan’s appreciation. In an immediate reaction, alongside the Yuan, the Chinese exposed AUD had risen to session highs, while the USD sold off.

USD: The US Dollar dipped on what was a relatively mixed NFP report, whereby the headline figure had missed expectations, however, this had been met with an upward revision to the previous. In terms of the focus focussed wage data, both the yearly and monthly figure had matched estimates, although the latter saw a downward revision, consequently keeping the Dollar on the backfoot.

GBP: Governor Carney highlighted his unease over Brexit risks, after stating that the possibility of a no-deal is uncomfortable high at this point, adding that the UK and EU should do all things to avoid a no-deal Brexit scenario. As a reminder, yesterday’s minutes noted that difference Brexit responses could significantly alter monetary policy. Consequently, following Carney’s slightly cautious rhetoric, GBPUSD dipped below 1.30, reaching its lowest level in 2 weeks.

DailyFX Economic Calendar: Friday, August 3, 2018 – North American Releases

Yuan Surges as PBoC Intervenes, Carney Pressures Pound - US Market Open

DailyFX Webinar Calendar: Friday, August 3, 2018

Yuan Surges as PBoC Intervenes, Carney Pressures Pound - US Market Open

Four Things Traders are Reading

  1. Charts for Next Week: EUR/USD, AUD/USD, Euro-Crosses, Gold Price & Moreby Paul Robinson, Market Analyst
  2. GBPUSD Analysis: BoE’s Carney Shows Unease Over "No-Deal Brexit" by Justin McQueen, Market Analyst
  3. US Dollar Rallies, Gold Sinks to Support Ahead of Latest NFP Reportby Nick Cawley, Market Analyst
  4. What Apple’s $1 Trillion Market Cap Means to the Marketby John Kicklighter, Chief Currency Strategist

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.comFollow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.