Chinese President Xi Jinping and South Korean President Park Geun Hye expected to discuss setting up direct won-yuan market when they meet tomorrow. They are also expected to discuss boosting free trade talks. Discussions will revolve around govt efforts for greater economic interaction between two nations.
USD/CNH seen rebounding from a low of 6.2032 to a high of 6.2134 in early trade. The 6.2000 handle has remained intact, as we expected, and we do not foresee it being challenged again anytime soon. Prices are likely to revert trading within a 6.2000 - 6.2600 range and dips should be readily bought up now, especially with USD/CNY moving higher.
Recommended Content
Editors’ Picks
AUD/USD extends its upside above 0.6600, eyes on RBA rate decision
The AUD/USD pair extends its upside around 0.6610 during the Asian session on Monday. The downbeat US employment data for April has exerted some selling pressure on the US Dollar across the board. Investors will closely monitor the Reserve Bank of Australia interest rate decision on Tuesday.
EUR/USD holds positive ground above 1.0750 ahead of Eurozone PMI, PPI data
The EUR/USD trades in positive territory for the fourth consecutive day near 1.0765 on Monday during the early Asian trading hours. The softer US Dollar provides some support to the major pair.
Gold holds below $2,300, Fedspeak eyed
Gold price loses its recovery momentum around $2,295 on Monday during the early Asian session. Investors will keep an eye on Fedspeaks this week, along with the first reading of the US Michigan Consumer Sentiment Index for May on Friday.
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Bitcoin Cash is the current mania in the Cardano ecosystem following a proposal by the network’s executive inviting the public to vote on X, about a possible integration.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.