China’s yuan strengthened through noon trade on Thursday from an eight-week low touched a day earlier, as the suspected aggressive dollar by the central bank died down, leaving corporates scrambling for other sources of yuan.
Spot yuan changed hands at 6.2400 versus the dollar near midday, a gain of 0.1 percent over Wednesday’s close of 6.2518. The yuan had touched an eight-week intraday low of 6.2588 on Wednesday afternoon.
The People’s Bank of China (PBOC) signalled its desire for stability by setting its daily midpoint nearly flat at 6.2887 compared to Wednesday’s fix of 6.2883. The PBOC allows the yuan to rise or fall by no more than 1 percent from the midpoint it sets each morning.
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How to Trade the EUR/USD Currency Pair: Professional Tips
The behaviour of the EUR/USD pair is a kind of indicator showing the comparative condition of the US and EU economies. If the US economy steadily grows, and problems arise in the EU, the EUR/USD decreases.
EUR/USD is one of the most popular currency pairs for Forex trading. Since the beginning of trading in 1999, the currency pair has undergone significant changes. For the first two years, the future for the euro was uncertain and the quotation was declining, reaching a minimum of 0.8200.(more…)
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