The People’s Bank of China (PBoC) set the reference rate for the yuan at 7.0851, compared to Friday’s fix of 7.0855.
Chinese exports fell by 1% in August, defying expectations for a 2% increase. Shipments to the U.S. slowed down sharply as a result of the ongoing trade dispute between the two countries. The new data has led to speculation that Beijing will introduce stimulus measures beyond the cut to banks reserve requirement ratios (RRR) of 50 basis points or 100 basis points for some banks, introduced on Friday.
The U.S. dollar was marginally higher Monday morning and the yuan strengthened somewhat as weak export data from China suggested Beijing might introduce new stimulus measures.
The US Dollar Index that tracks the greenback against a basket of currencies was up 0.03% to 98.42 by 10:12 PM ET (02:12 GMT). The dollar got some bad news on Friday on a weaker than expected non-farm payrolls report that reported 130,000 new jobs, compared to the 150,000 Wall Street had been expecting.
The USD/JPY pair traded down 0.05% at 106.85. Japan’s economy grew by 1.3% between April and June, according to data from the Cabinet Office released today. The data matched the expectations of economists polled by Reuters. The rate translates into quarter-on-quarter growth of 0.3%.
The AUD/USD pair was up 0.07% at 0.6851 while the NZD/USD pair was up 0.05% to 0.6428.
#trade #trading #invest #news #Forex #Pound #Dollar #currency #china
Disclaimer: Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.
© 2000-2021. All rights reserved.
This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at email@example.com.