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Forex Today: Yuan rallies amid trade hopes

By February 20, 2019 No Comments

Forex Today: Yuan rallies amid trade hopes; May-Juncker meet, Fed minutes in focus

The Asian traders cheered optimism on the US-China trade deal front, lifting the risk sentiment across financial markets, as the 2-day trade talks between both the sides begin later on Wednesday. Amongst the fx space, the Chinese Yuan was the biggest gainer that led the advances in the Antipodeans. However, the upside remained capped in both the Aussie and the Kiwi amid mixed oil prices, a 3% drop in the Chinese iron-ore futures and dismal Australian wage price data.

The Yen extended Tuesday’s sell-off, pushing the USD/JPY pair back for a test of the 111 handles, but the bulls lacked follow-through after the BoJ Chief Kuroda said in parliament today that the central policy is not weakening the domestic currency. Meanwhile, the US dollar remained broadly subdued ahead of the key FOMC minutes, leaving both the common currency and the pound modestly flat, as all eyes remain on the Brexit developments.

Among the related markets, the Asian equity markets rose to fresh 4-1/2 month highs but pared back gains towards the closing. Meanwhile, both crude benchmarks also failed to sustain at higher levels and traded modestly flat.  Gold prices on Comex corrected sharply from YTD tops of 1349.75 reached in mid-Asia.

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