|Day's Range||7.066 - 7.093|
|52 Week Range||6.6648 - 7.1839|
Sluggish start to week, as NZ and Australian dollar unchanged. Chinese yuan ticks higher despite weak Chinese manufacturing, retail sales data.
Investing.com - The Chinese yuan inched up against the U.S. dollar on Wednesday in Asia after Beijing scrapped foreign quota and allowed unfettered access to the stock markets.
Stocks and risk assets opened relative composed despite data released on Sunday, which showed China’s exports unanticipatedly shrunk with sales to the US plunging 16 per cent as trade wars grumble.
This morning, Asian stocks show growth, following yesterday’s strong American session. The MSCI Asia Pacific Index has been rising as high as possible since June, adding 0.4%. The yuan’s offshore exchange rate fell 0.1% to 7.1478, while it was this instrument that was considered China’s most powerful weapon against duties in the trade war.
The bitter trade dispute between the U.S. and China escalated last week, as the two countries slapped each other with new tariffs on September 1. The U.S. imposed new 15% tariffs on $125 billion worth of Chinese goods, while retaliated with new tariffs of 5% and 10% on an unspecified value of U.S. goods, including oil imports.
Investing.com -- Gold prices edged higher on Tuesday as a combination of nerves over Brexit, Hong Kong and U.S.-China relations all kept haven assets well bid and risk assets on the defensive.
Investing.com - The British pound fell to its lowest level since October 2016 on Tuesday amid uncertainty as investors waited to see whether lawmakers would be able to block Prime Minister Boris Johnson’s plans to pursue a no-deal Brexit.
Today, the Aussie pair slipped out of the choppy bracket and was heading south. Meantime, the USD/CHF pair was testing the overhead Ichimoku Clouds.
XAU/USD advanced to break a short term resistance at 1,545 and to trade at highs since August 25 at 1,550. However, Feng remarks sent the metal down. The unit is now trading 0.24% negative in the day at 1,536.
Early in the day, soybeans, wheat and corn traded sideways or negative but grains recovered ground in an improved sentiment. However, rising USD/CNY is adding more risks to farmers’ sales to China due to an expensive dollar.
Metals are trading positive on Tuesday as investors are digesting economic data in Germany and the news about the trade war between the US and China. Besides, a cheaper dollar is making holding in gold more attractive.
Investing.com - The U.S. dollar was slightly lower on Tuesday, while the safe-haven yen pulled back from earlier highs as traders paused to evaluate the possibility of the U.S. and China restarting trade talks.
Investing.com - The Chinese yuan fell against the U.S. dollar on Tuesday in Asia amid conflicting signals on the Sino-U.S. trade war.
Sentiment rollercoaster remains alive. Gold is trading backed on fundamental news, technical studies are limited due to the current global situation, and all the moves are clearly risk aversion/appetite, and US bond yields influenced.
Amongst the many Trump campaign promises, the promise that the American people will “Have so much winning if I get elected that you may get bored with winning” stands out, however it doesn’t appear like it will become boring anytime soon.
Asian stocks and currencies are painting a sea of red, while safe haven assets have surged.
Investing.com - The Chinese yuan traded lower against the U.S. dollar amid the escalating trade war. The safe-haven yen rose but later gave up its gains.
The cocktail of news fueled XAU/USD to initially break above the 1,500 level that was a resistance a few hours ago, but now the unit is recovering its mojo, and it is rallying as investors are taking positions on the speculation for more rate cuts as soon as September.
Investing.com - The New Zealand dollar rose against the U.S. dollar following comments by Reserve Bank of New Zealand (RBNZ)’s Governor Adrian Orr.
In this framework, metals are reluctant to take any direction, and now all eyes are on what Fed boss Jay Powell will say in his scheduled speech in Jackson Hole later this week.
Investing.com - U.S. President Donald Trump sent yet another shot across the Federal Reserve’s bow on Wednesday, calling on it for a "BIG CUT" in interest rates just two days ahead of a hotly-anticipated appearance by Chairman Jerome Powell at the Fed's Economic Symposium in Jackson Hole.
Investing.com - The U.S. dollar was flat on Monday in Asia as traders remained cautious ahead of Federal Reserve minutes due later this week.
Investing.com - The U.S. dollar was hovering near two-week highs against a currency basket on Monday as U.S. Treasury yields bounced back from recent lows amid hopes that major economies will seek to prop up slowing growth with fresh stimulus.
XAU/USD is ready to close positive for the third week in a row. Gold is posting 1.02% gains on the last five days, but the movements are more on a sideways mode above the 1,500 area and contained by the 1,530.