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Daily Currencies Ratings

China’s quest for a fairer economy darkens yuan outlook

The offshore yuan’s meltdown on Tuesday, triggered by Beijing’s aggressive takedown of profit-driven education businesses and tech monopolies – partly for unfair worker treatment , portends more CNH weakness ahead. Private equity firms exposed to education-related investments are scrambling for the exit , while confusion over China’s tech crackdown has other investors similarly flustered and fleeing . Shanghai stocks fell as much as 2.0% early Wednesday, building on a 4.8% drop since Friday, though the yuan is recouping before a likely dovish FOMC outcome. Meanwhile, long-simmering concerns over indebted real ...

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Dollar stands firm as investors eye Fed decision

The dollar made marginal gains on Wednesday after being pinned down earlier, with investors holding off on placing major bets ahead of the outcome of a U.S. Federal Reserve meeting. The U.S. dollar index moved into positive territory after trading lower in Asian hours. The greenback was last up 0.1% at 92.534. The Japanese yen, Swiss franc and the euro held onto the previous day’s gains in Asian trading hours, with the safe-haven yen trading at 109.80 per dollar and the euro at $1.1809. The dollar has enjoyed a month-long ...

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Dollar’s ascent pauses before Fed outcome; Aussie struggles

The U.S. dollar’s march towards a 3-1/2 month high paused on Tuesday as a Fed policy meeting got underway with risk appetite broadly subdued, leaving the Australian dollar struggling due to a widening regulatory crackdown in China. Against a basket of its rivals =USD, the greenback was trading at 92.73, not far from an early April high of 93.19 hit on July 21. The dollar has rallied more than 4% from 2021 lows of below 90 hit in late May as a decline in U.S. Treasury yields forced investors to ...

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FX Daily: Remember the China risk factor?

Deteriorating political ties between Beijing and Western economies, along with further signs of a crackdown on Chinese tech companies, have caused a sell-off in Chinese equities, and a risk-off environment to start the week. This could help USD stay supported into the FOMC on Wednesday, while German IFO should be no game-changer for the EUR. USD: Focus on China before the FOMC US equities rebounded strongly last week and closed at record highs on Friday. In the Asian session, gains in Japanese stocks were more than offset by a sharp ...

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Sterling edges up as UK COVID infections recede for now

Sterling edged up against the dollar and euro on Monday, after data over the weekend showed a fall in COVID-19 cases in Britain but experts warned the full impact of the economy’s reopening on infection rates remained to be seen. The pound has held up better than most major currencies in recent weeks, supported by Britain’s high vaccination rate at a time when the Delta variant has caused cases to surge worldwide. The pound was the second-best performing G10 currency over the previous week’s 5-day trading period. On the day ...

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China’s digital yuan could pose challenges to the U.S. dollar

China is beating the U.S. when it comes to innovation in online money, posing challenges to the U.S. dollar’s status as the de facto monetary reserve. Nearly 80 countries — including China and the U.S. — are in the process of developing a CBDC, or Central Bank Digital Currency. It’s a form of money that’s regulated but exists entirely online. China has already launched its digital yuan to more than a million Chinese citizens, while the U.S. is still largely focused on research. The two groups tasked with this research ...

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Death cross warning adds another worry to Euro outlook

For technical analysts watching EUR/USD, an important and potentially bearish chart formation just happened on the daily chart: A “death cross.” The formation could signal further losses ahead. Technical analysts use the term “death cross” to describe when a short-term moving average crosses below a long-term average, signalling a change in price momentum. The 50-and 200-day combination often attracts the most attention. Thursday’s price action delivered the signal with EUR/USD’s 50-day moving average falling below its 200-day moving average, EBS prices. The warning comes as EUR/USD attempts to base in ...

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U.S. dollar posts second week of gains ahead of Fed meeting

The U.S. dollar on Friday notched a second week of gains after a volatile few days when currencies moved with shifting risk appetite, with the market’s focus now on next week’s Federal Reserve meeting. Some analysts wondered, though, whether the dollar’s recent rally may be losing momentum. The dollar index =USD, which measures the greenback against a basket of six major currencies, was slightly higher on the day at 92.894. For the week, it was up 0.1%, after rising 0.6% previously. But that was off a 3-1/2-month high of 93.194 ...

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Indian central bank looking at phased launch of its own digital currency

The Reserve Bank of India is considering a phased introduction of its own central bank digital currency (CBDC), deputy governor T. Rabi Shankar said, and is examining various issues including the underlying technology and issuance method. “CBDCs are likely to be in the arsenal of every central bank going forward. Setting this up will require careful calibration and a nuanced approach in implementation,” Shankar said according to a speech released late on Thursday. “As is said, every idea will have to wait for its time. Perhaps the time for CBDCs ...

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China’s yuan currency will see two-way fluctuations in H2- FX regulator

China’s yuan currency will see two-way fluctuations in the second half this year, while staying basically stable within a reasonable range, Wang Chunying, spokeswoman for the State Administration of Foreign Exchange, told a briefing on Friday. Source: Reuters (Reporting by Shen Yan and Gabriel Crossley, Editing by William Maclean)

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China may get more than it seeks as yuan appeal rises

The yuan is rising in popularity among global central banks, which dovetails with China’s plan to expand its influence. Yet with the economy losing steam , a much stronger currency might not be in keeping with Beijing’s goals. Nearly a third of respondents in a global survey of central banks intend to add CNY to their foreign currency reserves . That should increase appreciation pressures. The yuan is at a five-year high versus its peers as neighbouring countries struggle with record-high COVID-19 cases , while China is effectively repressing the ...

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Dollar set for second week of gains as focus turns to Fed

The dollar was set to end the week with small gains after a turbulent few days when currencies were buffeted by shifting risk appetite, with the market’s focus now on next week’s U.S. Federal Reserve meeting. The dollar index =USD was up 0.2% for the week, rising slightly on Friday to stand at 92.891. But that was off a 3-1/2-month high of 93.194 hit on Wednesday, after strong Wall Street earnings helped investors regain some of the confidence lost to earlier worries the Delta variant of the coronavirus could derail ...

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Central banks will accelerate rise of China’s yuan, global survey shows

The Chinese yuan is on course to become a much more influential part of the global financial system with almost a third of central banks planning to add the currency to their reserve assets, a closely-followed survey showed on Wednesday. The Global Public Investor survey, published annually by the London-based OMFIF think tank, showed 30% of central banks plan to increase yuan holdings over the next 12-24 months, compared to just 10% last year. Other eye-catching findings from the report showed 75% of central banks now think monetary policy is ...

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COVID-19 fears push dollar higher, riskier currencies fall

Currency markets still showed signs of risk aversion on Wednesday after global markets were spooked earlier in the week by surging COVID-19 infections, with the safe-haven dollar rising to its highest since early April. The Delta variant of coronavirus has replaced inflation as investors’ primary source of concern this week, prompting global stocks to drop sharply on Monday. The dollar held firm during the Asian session but rose as European markets opened. Versus a basket of currencies, the dollar was up 0.2% at 93.166 at 0718 GMT, its highest in ...

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FX reflation trades wilt on virus outbreak concerns

Popular reflation trades in the $6.6 trillion a day currency markets wilted on Tuesday on fears the spreading Delta variant of the coronavirus would stymie the global recovery. The Aussie dollar/Swiss franc cross, a favourite proxy in currency markets for economic recovery bets, fell to its lowest level since December 2020 at 0.6714 francs AUDCHF=R, extending its losses to 4% in the last 10 trading sessions, according to Refinitiv data. “The price action continues to send an ominous warning signal over the global growth outlook and indicates that market participants ...

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