USD/CNH rebounds from a one-week low, marked earlier in the day, as it picks up bids to 7.2880 as markets in China opens for Tuesday. In doing so, the
10-year yield gap between US and China jumps to the highest since 2007.US Dollar’s preparations for Jackson Hole Symposium allow USD/CNH to pare recent gains.
PBoC’s successive Open Market Operations and the previous day’s rate cuts prod the Yuan buyers, especially amid the sour sentiment. On Tuesday, the PBoC’s daily OMO suggest a net drain of around 93 billion Yuan on the day. Late Monday, the Federal Reserve Bank of New York unveiled its SCE Labor Market Survey results late Monday that suggested record wage expectations and could have contributed to the latest risk-off mood, as well as firmer bond yields. “The Lowest wage respondents would be willing to accept for a new job jumped to a record high of $78,645 in July, up from $72.873 a year ago,” said the findings.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CNH bulls cross 7.3200 on PBoC action, cautious optimism ahead of Jackson Hole eventUSD/CNH takes the bids to refresh intraday high after the People’s Bank of China (PBoC) announced rate cuts early Monday. Adding strength to the offsh
Read more »
USD/CNH: Consolidation ahead of extra gains?USD/CNH could face some consolidative period ahead of the resumption of the uptrend according to UOB Group’s Economist Lee Sue Ann and Markets Strateg
Read more »
USD/CNH may pressure back the YTD highs at 7.35Chinese banks lowered the 1-year Loan Prime Rate (LPR) by 10 bps and left the 5-year LPR unchanged. Economists at TD Securities analyze USD/CNH outloo
Read more »
China's state banks seen mopping up offshore yuan liquidityChina's state banks seen mopping up offshore yuan liquidity - sources
Read more »
Taiwan details China drills, VP says election not China's to callTaiwan's election next year is a choice between democracy and autocracy, Vice President William Lai said in comments broadcast after China carried out military drills around the island in anger at his visit this month to the United States.
Read more »
Asia FX sinks, yuan near 1-yr low after rate cut misses expectations By Investing.comAsia FX sinks, yuan near 1-yr low after rate cut misses expectations
Read more »