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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!
The risk sentiment remains under pressure after the comments by China about the countermeasures against the US tariffs. Thus, the AUD/USD and the USD/JPY pairs will be under our attention.
During the European trading session, both the US and the UK yield curves inverted.
Levels for Wednesday's trading
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.
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