Chinese yuan weakens, U.S. dollar strengthens
Yahoo Finance's Jared Blikre breaks down how the U.S. dollar is trading against the Chinese yuan.
JARED BLIKRE: All right. Stocks are closing the week lower stateside. And it wasn't much different in Asia, despite better than expected data out of China. Retail sales in August grew four 5.4% on the year, well ahead of the 3.5% Reuters forecast. Now, industrial output, that also beat, rising 4.2% on an annual basis.
Now to our chart of the day. Despite all the positives in the release, the dollar strength story is weighing on the offshore Yuan. And this has pushed it past the key psychological level of 7 per dollar. And that is the first time in more than two years.
And let's just check out this chart right now. Again, US dollar, 7 for every 1 yuan. You can see just short of this number right here on your screen.
But nevertheless, you put a max chart on there, and you can see if we break above, could be some momentum to the upside. We haven't seen these levels since the mid-2000's. And maybe it's a short trip all the way up to 8.