The USD to CNY was spotted in the red end of the spectrum yesterday as both currencies strengthened in sessions. The greenback and its indices gained in sessions as trader doubted the authenticity of the first phase of the US-China trade agreement.
The Chinese yuan also received a much-needed support from that news. Now, traders wondered which currency will overpower which, and the outcome in yesterday’s trading favored the yuan.
The greenback didn’t stand a chance against the yuan’s strength in Monday’s sessions. The USD to CNY trading pair edged down by 0.26%, or 0.0188 points, during the trading session.
The USD to CNY pair extended its rally from ¥7.0880 to ¥7.0505 yesterday.
Meanwhile, the US dollar index rose 0.20%, or 0.20 points, on Monday’s session. And the US dollar index futures for December 19 went up by 0.19%, or 0.187 points, yesterday.
In other news, the CNY CNH or Chinese yuan / Chinese yuan offshore pair barely inched up by 0.02%, or 0.0002 points. The upsetting data from the Chinese import and export report also prevented the Chinese yuan from extending its gains yesterday.
Other Pairs
Aside from the USD to CNY exchange rate, other traders also tuned in on the EUR and GBP in yesterday’s trading. Both the greenback and Chinese yuan won against the two European currencies in sessions.
The CNY to EUR trading pair went up by 0.42%, or 0.0005 points, yesterday, hitting ranges from €0.1279 and €0.1286. Meanwhile, the EUR USD slipped by 0.15%, or 0.0017 points, recording levels between $1.1014 and $1.1043 in sessions.
On the other hand, the GBP CNY went down by 0.37%, or 0.0330 points, in Monday’s trading. The pair fluctuated from ¥808495 to ¥8.9642 in its run.
While the GBP to USD exchange rate inched down by 0.09%, or 0.0011 points, during the sessions. The pair extended its rally from $1.2650 to $1.2516 yesterday.
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