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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 Slides as Chinese Stimulus Boosts the Yuan

The dollar index (DXY00) Thursday fell by -0.41%.  The dollar was under pressure after the Chinese yuan rose to a 16-month high against the dollar after the government boosted stimulus measures. Also, Thursday’s rally in stocks curbed liquidity demand for the dollar.  Losses in the dollar were limited due to Thursday's stronger-than-expected US weekly jobless claims and Q2 GDP reports, hawkish factors for Fed policy that pushed T-note yields higher.

US weekly initial unemployment claims unexpectedly fell -4,000 to a 4-month low of 218,000, showing a stronger labor market than expectations of an increase to 223,000.

US Q2 GDP was left unrevised at +3.0% (q/q annualized), stronger than expectations of a downward revision to +2.9%.

US Aug capital goods new orders nondefense ex-aircraft and parts rose +0.1% m/m, right on expectations.

US Aug pending home sales rose +0.6% m/m, weaker than expectations of +1.0% m/m.

The markets are discounting the chances at... Read more

Price Performance

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Period Period Low Period High Performance
1-Month
7.0092 +0.03%
on 09/26/24
7.1350 -1.73%
on 08/28/24
-0.1103 (-1.55%)
since 08/26/24
3-Month
7.0092 +0.03%
on 09/26/24
7.2774 -3.66%
on 07/24/24
-0.2537 (-3.49%)
since 06/26/24
52-Week
7.0092 +0.03%
on 09/26/24
7.3233 -4.26%
on 10/20/23
-0.3002 (-4.11%)
since 09/26/23

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Barchart Technical Opinion

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

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

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Key Turning Points

3rd Resistance Point 7.0511
2nd Resistance Point 7.0423
1st Resistance Point 7.0268
Last Price 7.0108
1st Support Level 7.0025
2nd Support Level 6.9937
3rd Support Level 6.9782

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52-Week High 7.3233
Fibonacci 61.8% 7.2033
Fibonacci 50% 7.1663
Fibonacci 38.2% 7.1292
Last Price 7.0108
52-Week Low 7.0092

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