Chinese Yuan roars back to life   


14 August 2019 : A return of risk appetite sent the offshore Yuan marching to a fresh one-week high against the Dollar on Tuesday.


The USDCNH tumbled below the 7.00 level as easing trade tensions boosted investor appetite for the Chinese Yuan. However, appetite towards the currency was later dampened on Wednesday by disappointing retail sales figures and industrial output figures, which fell to its slowest rate in 17 years in July. Nevertheless, the offshore Yuan still has potential to extend gains against the Dollar as easing tensions sweeten appetite for emerging market currencies. The USDCNH has scope to test 7.00 should 7.05 prove to be reliable resistance.


Source: FXTM Senior Research Analyst, Lukman Otunuga


Reporting for EasyKobo on Wednesday , 14 August 2019 in Lagos, Nigeria


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