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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Yuan Awaits Trump-Xi Summit, Shanghai Composite Tests Key Resistance

    Lobo
    Lobo
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    Posts : 28411
    Join date : 2013-01-12

    Summit - Yuan Awaits Trump-Xi Summit, Shanghai Composite Tests Key Resistance Empty Yuan Awaits Trump-Xi Summit, Shanghai Composite Tests Key Resistance

    Post by Lobo Thu 06 Apr 2017, 6:26 pm

    Yuan Awaits Trump-Xi Summit, Shanghai Composite Tests Key Resistance

    Thursday, Apr 6, 2017 10:00 am -07:00



    by  Renee MuCurrency Analyst 





    Talking Points:
    - U.S and Chinese leaders’ talks on trade could determine the trend for the USD/CNH.
    - Chinese equities continued to rise following the theme of a new special economic zone.

    Yuan Rates
    The USD/CNH is indecisive ahead of the Trump-Xi summit. The offshore Yuan pair is testing the top of a parallel for a down trend. In the coming two leaders’ meetings, trade issues will be a main focus. A major bilateral trade conflict will likely do more harm to China than the U.S., as Chinese producers are still largely relying on international demand. As a result, if Trump takes a hardline on China’s trade practices at the meetings, it will be a more bearish driver to the Yuan and may send the USD/CNH higher.
    USD/CNH 4-hours
    Summit - Yuan Awaits Trump-Xi Summit, Shanghai Composite Tests Key Resistance Yuan-Awaits-Trump-Xi-Summit-Shanghai-Composite-Tests-Key-Resistance_body_x0000_i1026
    Prepared by Renee Mu.
    The PBOC weakened the Yuan slightly on Thursday, down -24 pips or -0.04% to 6.8930. In fact, the Yuan fix has been weaker than the offshore Yuan rate for nearly a month. Without the regulator further confirming on Yuan’s strength, traders will want to be cautious when look into a longer-term bearish setup for the USD/CNH.
    In addition to the U.S.-China summit, the NFP report to be released on Friday will be another key driver to Dollar pairs including the Dollar/Yuan. Watch our Sr. Currency Strategist Chris Vecchio’s video for technical considerations in DXY Index.
    Chinese Shares
    Chinese equities edged higher on Thursday, driven by the theme of the launch of a Special Economic Zone (SPZ) in Xiongan. Multiple shares hit the daily limit-up level of 10% for the second day, including BBMG, China Fortune Land Development, Hesteel, Tangshan Jidong Cement and Langfang Development.
    This drove the Shanghai Composite Index rising for the second day as well, up +0.33%. The equity index is approaching 3438, the upper bound of the yearly open range and the high day close in last November. Amid this SPZ theme, the odds of the price breaking above the key resistance level has increased.
    Summit - Yuan Awaits Trump-Xi Summit, Shanghai Composite Tests Key Resistance Yuan-Awaits-Trump-Xi-Summit-Shanghai-Composite-Tests-Key-Resistance_body_Chart_6
    Data downloaded from Bloomberg; chart prepared by Renee Mu.
    https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/china_news/2017/04/06/Yuan-Awaits-Trump-Xi-Summit-Shanghai-Composite-Tests-Key-Resistance.html?utm_source=AWeber&utm_medium=Mu&utm_campaign=em

      Current date/time is Fri 29 Mar 2024, 2:52 am