OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex Flash: USD/CNY holds bullish bias ahead - BTMU

Bank of Tokyo Mitsubishi UFJ analysts feel that USD/CNY holds a bullish bias and looks set to move between a range of 6.2400 and 6.2185.

The writes, “To be direct, we're a little cautious about a strong US NFP print pushing all of USD/Asia higher in the coming week, including USD/CNY. Our 2013 views haven't changed at all and we still expect the renminbi to appreciate over the course of the year, but this may be a contrapuntal week.” They add that a high-ish Chinese CPI print (anything with a 3-handle) over the weekend may spark apprehension of escalating monetary tightening and selloff in risky assets. Further, oiler demand may also be due, even if it remains NPC week. But as long as PBOC remains in step and not behind in its anti-inflation fight, they think rising interest rates in China eventually will be correlated with a stronger currency (as typical).

Precious metals pare losses during US trading, silver retakes 29.00 level

The initial first take of the extremely solid US data roiled gold prices, sending them crashing to a weekly/session low of 1560.95. Earlier in the US, the highly anticipated Nonfarm Payrolls (February) came in at 236K, against projections of 160K and compared with 157K previously. Unemployment Rate (February) has also steadied at 7.7%, which beat expectations of 7.9%. However, shortly after the US open, prices rallied steadfastly, paring losses and surging back into positive territory to trade at USD $1579.50 per oz. in these moments.
Read more Previous

Forex: USD/JPY retreats from highs, around 96.10/15

The cross is now cashing up some gains after the unexpected figures of February’s US NFP fuelled the upside to the vicinity of 96.96, levels last seen in August 2009...
Read more Next
Start livechat