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Take into consideration that the EU Economic Summit starts today. It’s supposed to be a lot of interesting news.
As a result, Financial institutions see risks of the CNY’s depreciation.
According to one of the institutions, a stronger depreciation may be counterproductive to China's internationalization objectives such as attracting foreign equity and bond capital. It sees a possibility of the further CNY’s fall. USD/CNY can reach 6.75 because of the weakness of emerging markets’ currencies.
CASS researcher supposes that 6.7 level will make the People’s Bank of China worry. As a result, the Bank may react with economic measures such as suspending of the operation of devaluing yuan, actions to dampen volatility, a usage of forex reserves or reintroduction of the counter-cyclical factor into fixing formation mechanism.
The UOB sees a steady GDP growth for 2018 and a de-escalation of trade tensions. As a result, the CNY will remain weak in the near-term, however, it can quickly stabilize if there is any sign of a trade tensions’ easing.
Up to now, the pair has tested the resistance at 110.20 (200-day MA). The further rise of the USD will pull the pair to 110.90. However, if there is some negative news on trade tensions, the pair will trade within 109.770-110.20.
Up to now, NZD/USD has been trading below the support at 0.6765. No important economic data will be released today. As a result, the risk of the trading below the support is high. The next support is at 0.67.
That’s all for today! Follow market news with FBS!
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