Onshore yuan weakens past 7.00 against the dollar


Watch out for the early February high around 7.0256


The risk-off mood in the market is pushing the yuan lower on the day – part of the reason weighing on the aussie and kiwi – as USD/CNY now rises back above 7.0000.

Looking at the chart, we are moving closer to being just one hiccup away from breaking the 3 February high at 7.0256 and if the yuan does fall further in the coming days/weeks towards 7.0500 or higher, that could well set off another leg of risk aversion.

It is likely that we will have to see Wall Street answer the question of whether or not the risk-off tilt today is going to be bought up again. But with Apple being the root cause, perhaps it could lead investors to be less confident about buying the dip.

Articles You May Like

How To Start Forex Trading in 2020
3 reasons why USD/JPY is heading back down to 105
ForexLive Americas FX news wrap: Canada cuts and starts QE
My winning Forex Trading System. 100% Non Repaint-
Dollar down vs all currencies with the exception of the CAD today. The greenback is the weakest this week