Fri, August 19, 2022

Yuan Reached its Highest Level in Four Months 

Chinese Yuan and dollar

The U.S. currency retreated on Tuesday to a three-week low, due to multiplication in rate-hike bets in other markets. The yuan jumped to its highest point in four months, benefiting from the greenback weakness as well as a slight easing in property market concerns.

A positive start of the U.S. earnings season and hopes that China will be able to help its property market helped to boost global stock markets, lifting currencies such as the Australian and New Zealand dollars. The Norwegian crown also rose on Tuesday. 

The dollar index, which measures the U.S. currency against six peers, sank as low as 93.501. The index dropped to that level for the first time since September 28. It then rose to 93.565, 0.35% down on the day.

One week ago, the index reached a one-year high of 94.563. The index benefited from stagflation fears as well as from bets that Fed would begin tapering its monetary stimulus next month. 

On Monday. New Zealand’s data showed the fastest consumer-price inflation in more than a decade. Britain, as well as New Zealand, have consequently led a rise in short-term bond yields, with short-dated yields climbing comparatively more than in the U.S. 

The New Zealand dollar reached as high as $0.715 for the first time since September 14. The Australian dollar reached its highest level in six weeks. It rose to $0.7474, shrugging off a dovish set of minutes from the Reserve Bank of Australia’s last meeting. 

The euro also advanced on Tuesday. The single currency gained 0.4% to $1.167, a level not seen since September 29.

Elsewhere, the world’s largest cryptocurency Bitcoin rose as high as $62,991.93 for the first time since mid-April. 

 

Yuan and interesting details

On Tuesday, the yuan was a standout gainer, as fears about contagion from China Evergrande’s debt troubles declined and some of its peers made bond coupon payments. Last week, policymakers stated that the situation was controllable.

The information mentioned above with the dollar pullback took onshore yuan as high as 6.3883 per dollar. The onshore yuan’s best result since June 16. Offshore yuan reached 6.3785, also the highest since June 16 and set for the biggest daily gain since July. 

Interested in Forex Trading? Read WiBestBroker’s comprehensive Cinpax Review.

YOU MAY ALSO LIKE

Trade Sparkle Review

There are many opportunities in today’s environment that we are not even

Trade Sparkle Review

General Information & First Impressions Tradesparkle is a new brokerage that aims

BitcoinCodePro Revew

Name: BitcoinCodePro Type: Cryptocurrency auto-trading platform URL: https://bitcoincodepro.com/ Minimum Deposit: $250 In

COMMENTS

Leave a Comment

Your email address will not be published.

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

BROKER NEWS