USD/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
ore Chinese Yuan pair could be the weekend headlines suggesting more stimulus from China. With this, the quote rises for the second consecutive day to 7.3240 by the press time, following the three-week uptrend.
People’s Bank of China , lowered the one-year Loan Prime Rate to 3.45% from 3.55% previous and 3.40% expected. However, the Chinese central bank kept the five-year LPRs unchanged at 4.20%.
While portraying the mood, Wall Street closed mixed on Friday whereas the US Treasury bond yields retreat after a strongly negative week for the and the upbeat bound coupons. That said, the S&P500 Futures remain lackluster at the monthly low by the press time. retreats from a 10-week high as market players struggle to aptly predict Fed Chairman Jerome Powell’s view at this week’s Jackson Hole Symposium. That said, the DXY rose in the last five consecutive weeks before retreating to 103.30.and wage growth allowed the DXY to remain firmer for the fifth consecutive week, especially backed by the hawkish Fed Minutes.
Looking ahead, preliminary readings of the August month Purchasing Managers Indexes and Durable Goods Orders for July will entertain the USD/CNH traders ahead of the central bankers’ speeches at the annual Jackson Hole Symposium event.A clear U-turn from the fortnight-old support line, around 7.3000 by the press time, directs USD/CNH towards the yearly top marked the last week surrounding 7.3500.
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