Text Summary Of This Email
Site logo image
Forex Signals posted: "Chinese yuan breaches key 7 level as post-COVID rebound stalls
FxPremiere.com -- FX Signals by FxPremiere Group - Chinas offshore yuan fell below the key 7 level on Wednesday, with the dollar-spot pair coming within spitting distance of the level as a"
Telegram Forex Signals
Chinese yuan breaches key 7 level aspost-COVID
Forex Signals
May 17
Chinese yuan breaches key 7 level as post-COVID rebound stalls
FxPremiere.com -- FX Signals by FxPremiere Group - Chinas offshore yuan fell below the key 7 level on Wednesday, with the dollar-spot pair coming within spitting distance of the level as a string of weak economic readings cast doubts over a recovery in the country this year.
" data-image-caption="<p>Trend Following Trading Strategy Guide</p>
" data-medium-file="https://www.fxpremiere.com/wp-content/uploads/2023/04/Trend-Following-Trading-Strategy-Guide.jpg?w=300" data-large-file="https://www.fxpremiere.com/wp-content/uploads/2023/04/Trend-Following-Trading-Strategy-Guide.jpg?w=750" class="wp-image-49184 size-full" title="Trend Following Trading Strategy Guide" src="https://www.fxpremiere.com/wp-content/uploads/2023/04/Trend-Following-Trading-Strategy-Guide.jpg" alt="Trend Following Trading Strategy Guide" referrerpolicy="no-referrer" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; margin-bottom: 24px;">Trend Following Trading Strategy Guide
The offshore yuan fell 0.1% to 7.0030 against the dollar, breaching the level for the first time this year. The dollar-yuan spot level slid 0.2% to 6.9895, and was at its weakest level since late-December.
While the 7 level is largely arbitrary, China has acknowledged the psychological importance of the level by rolling out a slew of measures in recent years to prevent the currency from crossing the threshold. The breaching of the 7 level usually heralds more weakness for the Chinese currency.
But the recent drop in the yuan comes after a string of weak economic readings from China, such as industrial production and retail sales this week - showed that an economic recovery in the country was slowing after an initial bounce in the first quarter.
The Peoples Bank of China also fixed the daily dollar-yuan rate midpoint at a substantially weaker level on Wednesday from the prior session, sending a bearish signal to markets.
This, coupled with rampant disinflation in the country, spurred renewed bets that the PBOC will further cut interest rates to spruce up local economic growth.
Chinas benchmark Loan Prime Rate is already at historical lows, following a string of cuts by the PBOC last year. This had also seen the yuan breach the 7 level in August 2022, with the currency sliding to 15-year lows in the aftermath. The offshore yuan had hit record lows in 2022 after crossing the 7 level.
Daily FX Signals
What is currency trading?
Free Forex Signals Telegram Channel|FX Signals Daily|Forex News Today|Forex Signals APP|Open Forex Account|Compare Forex Brokers|Forex Affiliates|Best FX Indicator
" data-image-caption data-medium-file="https://www.fxpremiere.com/wp-content/uploads/free-forex-signals.png?w=300" data-large-file="https://www.fxpremiere.com/wp-content/uploads/free-forex-signals.png?w=553" class=" wp-image-44569 size-full jetpack-lazy-image jetpack-lazy-image--handled" title="free forex signals" src="https://i0.wp.com/www.fxpremiere.com/wp-content/uploads/free-forex-signals.png?resize=553%2C56&ssl=1" sizes="(max-width: 553px) 100vw, 553px" srcset="https://i0.wp.com/www.fxpremiere.com/wp-content/uploads/free-forex-signals.png?w=553&ssl=1 553w, https://i0.wp.com/www.fxpremiere.com/wp-content/uploads/free-forex-signals.png?resize=300%2C30&ssl=1 300w, https://i0.wp.com/www.fxpremiere.com/wp-content/uploads/free-forex-signals.png?resize=150%2C15&ssl=1 150w" alt="free forex signals" width="553" height="56" data-lazy-loaded="1" referrerpolicy="no-referrer" style="-ms-interpolation-mode: bicubic; max-width: 100%; margin-bottom: 24px; clear: both; display: block; margin: 0 auto; padding: 4px; background-color: white; border: 1px solid #ccc;">
" data-image-caption data-medium-file="https://www.fxpremiere.com/wp-content/uploads/vip-forex-signals.png?w=300" data-large-file="https://www.fxpremiere.com/wp-content/uploads/vip-forex-signals.png?w=551" class=" wp-image-44572 size-full jetpack-lazy-image jetpack-lazy-image--handled" title="vip forex signals" src="https://i0.wp.com/www.fxpremiere.com/wp-content/uploads/vip-forex-signals.png?resize=551%2C55&ssl=1" sizes="(max-width: 551px) 100vw, 551px" srcset="https://i0.wp.com/www.fxpremiere.com/wp-content/uploads/vip-forex-signals.png?w=551&ssl=1 551w, https://i0.wp.com/www.fxpremiere.com/wp-content/uploads/vip-forex-signals.png?resize=300%2C30&ssl=1 300w, https://i0.wp.com/www.fxpremiere.com/wp-content/uploads/vip-forex-signals.png?resize=150%2C15&ssl=1 150w" alt="vip forex signals" width="551" height="55" data-lazy-loaded="1" referrerpolicy="no-referrer" style="-ms-interpolation-mode: bicubic; max-width: 100%; margin-bottom: 24px; clear: both; display: block; margin: 0 auto; padding: 4px; background-color: white; border: 1px solid #ccc;">
Aussie tumbles after RBA pauses rate hikes, dollar rebounds
What is Forex?
Unsubscribe to no longer receive posts from Telegram Forex Signals.
Change your email settings at manage subscriptions.
Trouble clicking?
Copy and paste this URL into your browser:
https://www.fxpremiere.com/chinese-yuan-breaches-key-7-level-as-post-covid/
WordPress.com and Jetpack Logos
Get the Jetpack app to use Reader anywhere, anytime
Follow your favorite sites, save posts to read later, and get real-time notifications for likes and comments.
Download Jetpack on Google Play
Download Jetpack from the App Store
WordPress.com on Twitter
WordPress.com on Facebook
WordPress.com on Instagram
WordPress.com on YouTube
WordPress.com Logo and Wordmark title=
Learn how to build your website with our video tutorials on YouTube.
Automattic, Inc. - 60 29th St. #343, San Francisco, CA 94110