Efforts from the PBoC to stabilise the Yuan have helped stifle the USDCNH bulls for now, but questions remain over whether this short-term shot in the arm for the Yuan will have longevity. With wider efforts to help improve FX inflows and business confidence, there is a feeling that we will continue to see the Chinese government and central bank intervene where neccesary to help improve market conditions. Copper has similarly been boosted overnight, with hopes for further supportive action helping to lift prices for those commodities that are heavily tied to Chinese economic activity. Finally, the Australian dollar has similarly been pushing higher, with the release of better-than-expected jobs data building on the China fuelled move that took place overnight.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.