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. See our updated Privacy Policy here.

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
Subscribe
Please try again
More View more
Real Time News
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACyvdZ https://t.co/6VjW5FEiQW
  • Global stocks bounce back from recent pullback as key resistance levels lie ahead. Get your weekly equities forecast from @HathornSabin here: https://t.co/wXSWo1JygD https://t.co/vWVaSEQTXT
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/9kfBu04auM
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5ddzFV https://t.co/8GJ6OQYgnW
  • Bitcoin (BTC) started the day on the front foot on the Twitter news before the latest China crypto ban hammered the market lower. Get your weekly crypto forecast from @nickcawley1 here: https://t.co/ZKHGXeVhsR https://t.co/QSltMQml6N
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/DSp7f3YuAx
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/HNqHcbL6vk
  • The US Dollar continues to push higher against ASEAN currencies after the FOMC rate decision. This leaves the USD/SGD, USD/THB, USD/PHP and USD/IDR outlook mostly tilted higher. Get your market update from @ddubrovskyFX here:https://t.co/zn56iTFBxM https://t.co/FbepD4RaFg
  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:https://t.co/MrLGSp7FYa https://t.co/XS0176LyOg
  • The Japanese Yen remains in focus with strength potential on risk aversion themes to go along with weakness on themes around higher rates. Get your weekly $JPY technical forecast from @JStanleyFX here: https://t.co/l4UICqJzJy https://t.co/dQ2pS0E4fp
US Listed Chinese Stocks Drop on Senate Passing Oversight Bill

US Listed Chinese Stocks Drop on Senate Passing Oversight Bill

Thomas Westwater, Analyst

US-China Relations, Chinese Stocks, USDCNH, Senate Oversight Bill – Talking Points:

  • The Senate passed a bill aimed at increasing oversight on Chinese stocks listed on U.S. exchanges
  • Alibaba and other U.S. listed Chinese stocks turned lower as news crossed the wires
  • The Chinese Yuan remains weaker on souring Sino-U.S. relations amid the COVID-19 pandemic

The US Senate cleared new legislation Wednesday, aimed at increased oversight of Chinese companies listed on U.S. stock exchanges. Introduced by Republican Senator John Kennedy, the bill, Holding Foreign Companies Accountable Act, would require Chinese securities to be delisted after three consecutive years of not undergoing an audit from a registered public accounting firm. Chinese stocks listed on U.S. exchanges, such as Alibaba, reacted negatively to the news and is currently 2% lower in afternoon trading.

ALIBABA – BABA (1-MIN CHART)

BABA stock US Senate BIll

Chart created in TradingView by Thomas Westwater

Increasing tensions between the United States and China scaled back after the signing of the phase-one trade deal back in January. However, the COVID-19 pandemic has seemingly reawakened tensions between the two countries, as President Trump continues to take aim at China over their handling of the coronavirus.

USDCNH (Daily Chart)

USDCNH reacts to US Senate BIll

Source: IG Charts

USDCNH price action may reflect the recent breakdown in relations. The currency pair’s price level remaining above the 7.000 mark, a psychological level for judging turbulence in Sino-US relations, but also a level the PBOC has defended in the past. Trading above the mark represents a metaphorical signal in the souring relationship, as China’s PBOC has set a stronger than expected fixed rate for the Yuan in previous weeks.

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

DISCLOSURES