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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 Slips and Gold Gains as Fed Rate Cut Expectations Increase

The dollar index (DXY00) today is down by -0.12% as it gives back some of Monday’s gains.  Monday’s dovish comments from Fed Governor Waller that he supports a rate cut at the December 17-18 FOMC meeting boosted the chances for a Fed rate cut to 73% from 55% Monday, undercutting the dollar.  Also, strength in the yen is undercutting the dollar as a jump in the 10-year JGB bond yield today to a 1-week high boosted the yen.   The dollar recovered from its worst levels after the US Oct JOLTS job openings rose more than expected, a sign of strength in the labor market that is hawkish for Fed policy.

US Oct JOLTS job openings rose +372,000 to 7.744 million, showing a stronger labor market than expectations of 7.519 million.

The markets are discounting the chances at 72% for a -25 bp rate cut at the December 17-18 FOMC meeting.

EUR/USD (^EURUSD) today is up by +0.04%.  Weakness in the dollar today sparked some mild short covering in the euro.  The euro continues to be un... Read more

Price Performance

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Period Period Low Period High Performance
1-Month
7.0871 +2.81%
on 11/04/24
7.2966 -0.15%
on 12/03/24
+0.1634 (+2.29%)
since 11/01/24
3-Month
7.0092 +3.95%
on 09/26/24
7.2966 -0.15%
on 12/03/24
+0.1641 (+2.30%)
since 09/03/24
52-Week
7.0092 +3.95%
on 09/26/24
7.2966 -0.15%
on 12/03/24
+0.2034 (+2.87%)
since 12/01/23

Most Recent Stories

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Dollar Tursn Down For A Correction

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Gold Price To Re-Test $2,700

Gold is likely to rally even higher in the near term.

US Stock Trade Higher, Inflation Stubbornly Persists as Markets Await Central Bank Clues and Trump’s Tweets

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VLKAF : 86.6250 (-0.34%)
BMWYY : 29.2000 (+4.58%)
MBGAF : 54.7800 (-0.76%)
Trump Victory: USD-Stocks 2016 vs Today

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Bitcoin Long Term Target

Educational and Actionable information using Fibonacci and W.D. Gann analysis.

BTC : 42.23 (-0.54%)
BTCW : 101.10 (-0.46%)
^BTCUSD : 95,286.80 (-0.24%)
Gold and USD Index Under Trump’s Presidency

That's just the beginning.

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 40% Buy with a Strengthening short term outlook on maintaining the current direction.

The market is approaching overbought territory. Be watchful of a trend reversal.

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Key Turning Points

3rd Resistance Point 7.3156
2nd Resistance Point 7.2949
1st Resistance Point 7.2833
Last Price 7.2864
1st Support Level 7.2510
2nd Support Level 7.2303
3rd Support Level 7.2187

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52-Week High 7.2966
Last Price 7.2864
Fibonacci 61.8% 7.1868
Fibonacci 50% 7.1529
Fibonacci 38.2% 7.1190
52-Week Low 7.0092

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