The Chinese yuan was trading relatively flat against its US peer in the middle of the first trading week of 2021. The yuan, which has been on a tear over the last nine months, broke through the 6.5 resistance level earlier this week as the currency continues its impressive appreciation. But disappointing economic data and foreign exchange intervention may slow down the yuan’s surge.
The Australian dollar traded mostly higher against its most-traded rivals on the back of the positive market sentiment. Traders looked into the future with optimism thanks to expectations of coronavirus vaccine rollouts and the subsequent recovery of the global economy. A manufacturing report for China, Australia’s biggest trading partner, missed expectations but it did not seem to have a material impact on markets, perhaps because the data was not outright bad.
The Chinese yuan is slumping against the US dollar on the final trading session of 2020. Despite being one of the top-performing currencies in global foreign exchange markets, the yuan is finishing 2020 slightly lower on disappointing manufacturing and non-manufacturing data and the central bank injecting liquidity into the banking system. Can the yuan emulate its 2020 success in 2021?
The Chinese yuan is rebounding against the US dollar on Tuesday, buoyed by impressive data that highlight the strengthening recovery in the world’s second-largest economy. The yuan, which has come under pressure against its US peer this month, is looking to expand its rally in the home stretch of 2020. But will Beijing allow it to happen?
The New Zealand dollar was trading in the green today, rising against the majority of most-traded currencies, except for the Australian dollar and the Great Britain pound. The kiwi rallied because the market sentiment seemed to favor riskier currencies. Domestic macroeconomic data was positive, while reports in China, New Zealand’s biggest trading partner, were mixed.
The Chinese yuan retreated from its best level in more than two years to kick off the trading week, driven mostly on escalating Sino-US geopolitical and trade tensions. But the pullback was capped by better-than-expected exports in November, signaling that the world’s second-largest economy is recovering at a healthy pace.
The Australian dollar remained stable after macroeconomic releases in Australia as well as Australia’s biggest trading partner — China. The Aussie did not move far even though the data was very good and the general market sentiment was optimistic.
The New Zealand dollar was soft today, falling against many of its most-traded rivals. That is despite positive macroeconomic reports released during Thursday’s trading session in New Zealand and China, New Zealand’s biggest trading partner.
The Chinese yuan is shrugging off a report that President-Elect Joe Biden would not immediately remove the higher tariffs placed on the world’s second-largest economy. The yuan, which has been one of the top-performing currencies in foreign exchange markets, maintained its upward trajectory as it looks to test 6.5 against its US peer.
The Australian dollar did not show a clear trend today. The Reserve Bank of Australia left its monetary policy unchanged at its last policy meeting this year, as was widely expected. China’s macroeconomic data was helpful to the Australian currency.
