USD/CNH closes below 7.00 for the first time since May 2023 – DBS
Source Fxstreet
CNY appreciated 0.5% overnight on China’s stimulus hopes, and CNH did better with a 1.0% again, DBS FX analyst Philip Wee notes.
Shanghai Composite Index has a best weekly rise in almost 16 years
“CNY appreciated 0.5% (CNH did better with a 1.0% again) overnight on China’s stimulus hopes.”
“Despite doubts that the stimulus would reverse China’s slowdown, the Shanghai Composite Index surged 9.7%, its best weekly rise in almost 16 years, to a three-month high of 3001.”
“Offshore USD/CNH fell from 7.10 to 6.98, closing below 7.00 for the first time since May 2023. Onshore USD/CNY lagged at 7.01.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading sideways within consolidation ranges on Friday, signaling a lack of directional bias in the broader crypto market.
West Texas Intermediate (WTI) US Crude Oil prices reverse a modest Asian session dip to sub-$66.00 levels and climb back closer to the highest level since August 4, touched earlier this Friday.
Gold price (XAU/USD) holds positive ground near $5,000 during the early Asian session on Friday. The precious metal edges higher as escalating tensions between the United States (US) and Iran boost safe-haven demand.
West Texas Intermediate (WTI) Oil price gains ground and is trading around $65.70 per barrel during the European hours on Thursday.
Silver Price Forecast: XAG/USD rises to near $78.00 on safe-haven demandSilver price (XAG/USD) extends its gains for the second successive session, trading around $78.00 per troy ounce during the Asian hours on Thursday. The precious metal Silver receives support from rising safe-haven demand amid persistent tensions between the United States (US) and Iran.
Silver price (XAG/USD) extends its gains for the second successive session, trading around $78.00 per troy ounce during the Asian hours on Thursday. The precious metal Silver receives support from rising safe-haven demand amid persistent tensions between the United States (US) and Iran.
