Menu

Search

  |   Commentary

Menu

  |   Commentary

Search

FxWirePro: USD/CNH likely to correct further to 6.6 per USD

The Chinese yuan has been among the top performers in 2019, as the currency has risen more than a percent already against the USD. Based on calculations, we believe that further gains at least in the near term are in store for the Chinese yuan.

Weaker USD, scaled back hike expectations, and positive news on trade developments have so far provided strong support to the Yuan, and we expect the trend to continue a bit further. The ongoing government shutdown is also likely to hit the U.S. dollar in the coming weeks.

Based on calculations, we expect the yuan to strengthen to 6.6 per USD. The current weakening of the yuan, which began last week, after yuan reached 6.74 per USD unlikely to push the pair (USD/CNH) beyond 6.86 per USD. The pair is currently at 6.796 per USD.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.