USD/CNY rises to fresh six-year high on weaker PBOC fix

Omkar Godbole FXStreet Contributor

Another weaken Yuan daily fix by the People’s Bank of China (PBOC) amid broad based USD strength pushed USD/CNY pair to a fresh six-year high of 6.7747 levels.

PBOC set Yuan reference rate at 6.7690 vs Friday’s fix of 6.7558. The central bank has been steadily weakening Yuan off late. Meanwhile, off shore Yuan as represented by USD/CNH pair rose to a high of 6.7849.

Moreover, PBOC is weakening Yuan at a time when the US dollar is ruling the roost across the board. Hence, the drop in Yuan is more pronounced.

Sliding Yuan is indeed taking a toll on its neighbours. Japan reported trade data today which showed 10.6% drop in exports to China.

USD/CNY Technical Levels

The pair was last seen trading around 6.7729. A break above today’ high of 6.7747 would open doors for 6.7805 (June 2010 low). On the lower side, breach of support at 6.7017 (July 2016 high) would expose 6.6684 (monthly low).

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold drifts higher to near $5,000 on heightened US-Iran tensions

Gold price holds positive ground near $5,000 during the early Asian session on Friday. The precious metal edges higher as escalating tensions between the United States and Iran boost safe-haven demand. Traders brace for the preliminary reading of US Gross Domestic Product for the fourth quarter, the Personal Consumption Expenditures and the S&P Global Purchasing Managers Index data, which are due later on Friday.

Ethereum: Active addresses halt growth as US selling pressure eases

Ethereum network growth has declined after two months of explosive increase. US selling pressure has eased following an improvement in the Coinbase Premium Index. ETH extends its range-bound move below the $2,107 resistance and above $1,740 .

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.