The Chinese yuan is strengthening against several Western currencies on Monday, driven by a better-than-expected private sector survey of manufacturing in the world’s second-largest economy. The yuan is also trying to find direction on reports that Beijing is requesting state-run firms to suspend purchases of American agricultural goods. As many analysts anticipate another down year for the yuan, could a renewed trade dispute slam the offshore currency?
The US dollar was unfazed by President Donald Trump’s press conference on Friday. Global financial markets were on edge as many speculated drastic actions would be taken by the administration regarding China over trade and the situation in Hong Kong. Instead, the announcements were just confirmations of previous reports about his response to the World Health Organization (WHO) and Beijing.
The Japanese yen was the strongest currency on the Forex market during Friday’s trading session as markets were in a risk-off mode after concerns about the situation in Hong Kong returned. Japan released a bunch of macroeconomic reports on Friday, some of them were better than expected while others were worse.
The Chinese yuan is extending its losses to jumpstart the holiday-shortened trading week. The currency is falling against its rivals on Monday after the White House threatened to slap sanctions on China over the government’s proposed implementation of national security laws on Hong Kong that reportedly threaten its autonomy. The heightened tensions come as the world’s two largest economies escalate their war of words over trade. Whether this is a new […]
The Chinese yuan is weakening against its major currency competitors to end the trading week, driven by officials announcing that they are abandoning their gross domestic product (GDP) target for 2020. The yuan is also coming under pressure on US-China tensions regarding trade and Hong Kong. While the world’s second-largest economy has hit the reboot button, outside factors may pause its reopening.
The Swiss franc rallied today amid the negative sentiment among investors. The franc is considered a safe currency, meaning that traders prefer to buy it in times of fear and uncertainty. And on Tuesday, there were plenty of news to spook speculators. Currently, though, the Swissie has lost its gains against most other rivals.
The Australian dollar rose against other most-traded currencies today. There was no apparent reason for the rally as domestic macroeconomic data released over Friday’s trading session was not impressive and there was no news about the US-China trade negotiations.
The New Zealand dollar traded about flat against the majority of most-traded currencies today after falling earlier during the trading session. Domestic macroeconomic data released on Thursday was relatively positive but the market sentiment was unfavorable to riskier currencies.
Greenback is heading higher again, thanks in large part to the uncertainty and unrest that continues to plague the world. Also helping the US dollar is the latest economic news, which is fueling speculation that interest rate hikes could come sooner rather than later.
