China’s yuan fell for the first time in six days, retreating from a 19-year high, as the central bank lowered the reference rate and monetary easing in Europe bolstered demand for dollars.
The People’s Bank of China cut the fixing by 0.11 percent to 6.2152 per dollar today, the biggest reduction since April 18. The Dollar Index climbed by most in three weeks after European Central Bank President Mario Draghi said it is possible a negative interest rate will be used to rescue the euro-area economy. Growth in China’s services output slowed in April, an official Purchasing Managers’ Index showed today, after reports this week indicated manufacturing is also losing momentum.
“Dollar demand surged on Draghi’s comments and so the yuan got dragged into a minor retreat today,” said Stella Lee, president of Success Wealth Management Ltd. in Hong Kong. “China data is a bit disappointing. Yet, the yuan is likely to remain strong as capital inflows continue.”
Get OANDA’s exclusive weekly Market Pulse FX
HTMLText
| Email Address: | Preferred Format: |
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
View the original article: http://forexblog.oanda.com/20130503/pboc-cuts-fixing-as-yuan-retreats-from-19-year-high/
A quick look on #UCO website will produce a ton of fresh #MLM ideas to help you get more money. Go to http://www.uconnective.com
To Signup you must have a #UCO coin, you can #BUY it with only $3 from ClickAlert or Send e-mail at clickalert@ymail.com or Call/SMS to +1 (202) 599-1808 and start earning $51 per day!
No comments:
Post a Comment