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U.S. Dollar/Chinese Yuan (^USDCNY)

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U.S. Dollar/Chinese Yuan Futures Market News and Commentary

Dollar Falls on Yen Strength and a Larger US Trade Deficit

The dollar index (DXY00) today is down by -0.06%.  Strength in the yen today is undercutting the dollar after Japanese Finance Minister Kato warned about excessive moves in the forex market after the yen tumbled to a 5-month low against the dollar on Thursday.  The dollar fell to its low today after the US Nov trade deficit was wider than expected, a negative factor for Q4 GDP. However, the dollar recovered most of its losses after today’s stock selloff boosted liquidity demand for the dollar.

The US Nov trade deficit widened to -$102.9 billion from -$98.3 billion in Oct, a larger deficit than expectations of -$101.2 billion.

US Nov wholesale inventories unexpectedly fell -0.2% m/m versus expectations of a +0.1% m/m increase. Nov retail inventories rose +0.3% m/m, right on expectations.

The markets are discounting the chances at 11% for a -25 bp rate cut at the January 28-29 FOMC meeting.

EUR/USD (^EURUSD) today is up by +0.01%.  The euro today is slightly hi... Read more

Price Performance

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Period Period Low Period High Performance
1-Month
7.2274 +0.98%
on 11/29/24
7.2998 -0.02%
on 12/27/24
+0.0514 (+0.71%)
since 11/27/24
3-Month
7.0113 +4.10%
on 09/30/24
7.2998 -0.02%
on 12/27/24
+0.2869 (+4.09%)
since 09/27/24
52-Week
7.0092 +4.13%
on 09/26/24
7.2998 -0.02%
on 12/27/24
+0.1570 (+2.20%)
since 12/27/23

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 88% Buy with a Strengthening short term outlook on maintaining the current direction.

The market is in highly overbought territory. Beware of a trend reversal.

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Key Turning Points

3rd Resistance Point 7.3031
2nd Resistance Point 7.3012
1st Resistance Point 7.2997
Last Price 7.2985
1st Support Level 7.2963
2nd Support Level 7.2944
3rd Support Level 7.2929

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52-Week High 7.2998
Last Price 7.2985
Fibonacci 61.8% 7.1888
Fibonacci 50% 7.1545
Fibonacci 38.2% 7.1202
52-Week Low 7.0092

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