The US Dollar (USD) tumbles lower this Monday after a surprise intervention from the People’s Bank of China (PBoC). The PBoC held a meeting in Beijing
on FX markets and confirmed that it will prevent any “over-adjustment” risk in the Yuan. It fixed its Yuan at 7.2148 USD/CNY where 7.3391 USD/CNY was expected. and no US Federal Reserve speakers scheduled, keep an eye on the US bond market. This Monday three different tenures are set to be auctioned. With plenty of supply to be issued in the markets, US yields might rise again. Remember that
The People's Bank of China has issued again a strong peg for its Yuan against the US Dollar. Additionally, it held a meeting in Beijing to outline an FX strategy in order to avoid speculation on a weakening Yuan. The comments spooked speculators and saw the Yuan strengthening near 1% against the US Dollar.
The CME Group FedWatch Tool shows that markets are pricing in a 93% chance that the Federal Reserve will keep interest rates unchanged at its meeting in September. On the downside, the 104.50 level already provided support ahead of 104.44. That is the high of August 25th and should act as a pivotal level. Once that gives way, a substantial downturn could take place to 103.03, where the 200-day SMA comes into play for support. The US Dollar is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes.
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