Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

USD/CNY Spikes Over 7.00 And There Is More To Come

Published 08/05/2019, 06:28 PM
Updated 05/14/2017, 06:45 AM

The currency market is once again the real judge of the stock markets. By now, most traders and investors have heard that the USD/CNY is trading near 7.0457. Over the weekend, China seems to have retaliated against the United States and its threat of increased tariffs. China is simply devaluing its currency to boost its exports to offset U.S. tariffs. This is a move that the U.S. has actually warned China about in the past. Reports are also out in the financial media that China will suspend new U.S. agricultural product purchases by Chinese companies.

With all of that said, we look to the chart. The current break-out pattern of the USD/CNY chart suggests that it will continue to climb into the 7.35 to 7.50 level. So get ready, this is not ending anytime soon.

USD/CNY

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.