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Daily Report: Dollar Sharply Lower as China Allow Yuan AppreciatesRisk appetite is given a strong boost in Asia today on China's intention to let Yuan appreciate freely. The People's Bank of China published a statement called 'Further Reform the RMB Exchange Rate Regime and Enhance the RMB Exchange Rate Flexibility' on Saturday and stated 'recovery and upturn of the Chinese economy has become more solid with the enhanced economic stability. It is desirable to proceed further with reform of the RMB exchange rate regime and increase the RMB exchange rate flexibility'. The statement was viewed as a vote on confidence in the economic recovery in Asia as well as a relief on dangers of trade war between China and US. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.0177; (P) 1.0244; (R1) 1.0283; More. USD/CAD drops further to as low as 1.0157 today so far and further decline is still expected to 1.0109 support next. Break there will confirm that whole rebound from 0.9929 is completed at 1.0851 and will bring another low below 0.9929. On the upside, above 1.0312 minor resistance will turn intraday bias neutral again and bring recovery. But break of 1.0678 resistance is needed to indicate that fall from 1.0851 is completed. Otherwise, outlook will remain slightly bearish. |
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Trade Idea: EUR/USD – Buy at 1.2355As the single currency has retreated after intra-day brief rise to 1.2490, suggesting consolidation below this level would take place and retracement to 1.2353-56 (Friday's low and current level of the Ichimoku cloud top) is likely, however, renewed buying interest should emerge there and reckon the lower Kumo (Now at 1.2327) should hold, bring another rally later. Trade Idea: USD/JPY – Sell at 91.10Despite intra-day brief drop to 89.95 (our long entry at 90.05 could not get a fill from our broker, so we treated no position was entered), as price quickly rebounded from there as expected in our previous update, suggesting consolidation above this level would be seen and retracement to 91.08 resistance is likely. | ||||||||||||||||||||||||||||||||||||||||||
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