Forex – Yuan, U.S. Dollar Flat as Traders Await More Trade News, U.S. Data

Bitcoin.com

Find Hotels in Dubai

Hotel Stars Discount Price per night, from Choose dates

La Ville Hotel & Suites CITY WALK Dubai, Autograph Collection

★★★★★

-6%

129122

View Hotel

Address Dubai Mall

★★★★★

-12%

171150

View Hotel

JA Ocean View Hotel

★★★★★

-39%

12676

View Hotel


© Reuters.

Investing.com – The Chinese yuan and the U.S. dollar were little changed on Wednesday in Asia as traders await further news on the Sino-U.S. trade front.

The pair traded near flat at 6.8744 by 1:30 AM ET (05:30 GMT). The yuan has been under pressure since the beginning of the week as intensifying tariffs dispute between the U.S. and China raised fears of worsening economic outlook for both nations.

Risk sentiment improved somewhat after U.S. President Donald Trump said that he would meet with his Chinese counterpart Xi Jinping at the G20 meeting on June 28 and 29 and that he believed trade talks would be “very successful.”

His comments pushed the yuan higher and allowed a recovery from this year’s low. The Chinese currency also received some support from reports that the People’s Bank of China stepped in on Tuesday with an injection of 200 billion yuan (approximately $29 billion).

Meanwhile, The foreign exchange market showed little reaction to worse-than-expected growth in Chinese industrial output and retail sales for April.

Growth in the country’s slowed to 5.4% in April from a 4-1/2 year high in March, data showed this morning. Analysts previously expected industrial output to grow 6.5%.

Meanwhile, rose 6.1% in January-April from the same period last year, also lagging expectations.

Private-sector fixed-asset investment, which accounts for about 60% of overall investment in China, rose 5.5% in the same period.

rose 7.2% in April on-year, missed a forecast rise of 8.6%.

The that tracks the greenback against a basket of other currencies was flat at 97.317. Traders immediate focus will be the upcoming U.S. retail sales and industrial product for April due later in the day for pointers on the state of the global economy.

The , a proxy for Chinese growth, fell 0.2% to 0.6929 against the U.S. dollar. The currency pair hovered close to its lowest since early January after data showed the pace of growth in Australian wages came to a halt last quarter.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Be the first to comment

Leave a Reply

Your email address will not be published.


*