Chinese Yuan: Neutral within tight onshore band – UOB

FXStreet Insights Team FXStreet

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann expect USD/CNH to trade quietly between 6.7920 and 6.8060 intraday after recent moves failed to generate fresh momentum. On a 1–3 week horizon, the bank holds a neutral view, seeing current price action as part of a range between 6.7820 and 6.8220. Over 1–3 months, the rebound still has scope to break above 6.9720, facing strong resistance near 6.9960.

Dollar-Yuan stuck in range-trading phase

"24-HOUR VIEW: USD dropped to a low of 6.7981 two days ago. Yesterday, when USD was at 6.8010, we stated that “while there has been an increase in downward momentum, it is not sufficient to indicate a continued decline.” We also indicated that USD “is more likely to trade in a lower range of 6.7910/6.8110.” USD then traded within a narrower range than expected (6.7964/6.8080), closing marginally lower by 0.02% (6.8002). The price action provides no fresh clues. Today, USD could trade between 6.7920 and 6.8060."

"1-3 WEEKS VIEW: We revised our view to neutral yesterday (21 May, spot at 6.8010). We highlighted that “the current price movements are likely part of a range-trading phase between 6.7820 and 6.8220.” There is no change in our view. "

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD edges higher to near 1.3650; UK Retail Sales data looms

The GBP/USD pair gathers strength near 1.3645 during the early Asian trading hours. The US Dollar softens against the British Pound amid fading Federal Reserve rate hike expectations. Traders brace for the UK Retail Sales data for July, which will be published later on Friday.

EUR/USD sits near multi-month top bulls await move beyond 1.1700 ahead of PMIs

The EUR/USD pair attracts some dip-buyers during the Asian session, and climbs back closer to its highest level since May 14, with bulls now awaiting a move beyond the 1.1700 mark before placing fresh bets. Nevertheless, spot prices remain on track to register strong weekly gains and prolong the month-to-date uptrend amid a broadly weaker US Dollar.

Gold advances to fresh high since June amid renewed USD selling, fading Fed hike bets

Gold hits a fresh high since early June, around the $4,544 region, during the Asian session on Friday and looks to build on the momentum above a technically significant 200-day Simple Moving Average.

Bulls in control with Bitcoin heading toward $80,000, Ethereum $2,500, XRP $1.50

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are extending their rallies as bullish momentum strengthens and continue to cheer the US Treasury’s decision to double its debt buyback operations. BTC has climbed nearly 20%, ETH over 25% and XRP nearly 30% so far this week.

$40 trillion debt black hole: Is a financial crisis coming?

The United States is closing in on a milestone that would have been almost unimaginable not long ago: $40 trillion in national debt. That staggering figure framed the latest episode of the Money Metals Midweek Memo, as host Mike Maharrey examined what he calls the economy’s “debt black hole” and zeroed in on a relatively obscure corner of the financial system that could become a much bigger problem: the $1.4 trillion private credit market.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.