China’s Yuan Snaps Six-Day Drop on Signs Trade Dispute May Ease

The offshore yuan rose for the first time in seven days, after tumbling near its weakest level on record overnight, on hopes trade tensions will ease as China said it would send Vice Commerce Minister Wang Shouwen to the U.S. for talks later this month. The currency advanced 0.34 percent to 6.9237 per dollar as of 10:42 a.m. in Hong Kong, while the onshore rate gained 0.24 percent, after falling 0.74 percent Wednesday. The Chinese central bank set its daily reference rate stronger than the market had expected, following Wednesday’s late plunge. Read @ https://www.bloomberg.com//news/articles/2018-08-16/china-s-yuan-snaps-six-day-drop-on-signs-trade-dispute-may-ease

Hong Kong Spends $2.1 Billion This Week to Defend Dollar Peg

Hong Kong’s currency interventions continued overnight, taking this week’s total to HK$16.8 billion ($2.1 billion). The Hong Kong Monetary Authority bought HK$14.6 billion of local dollars Wednesday, according to the de facto central bank’s page on Bloomberg, after the currency declined to the weak end of its trading band. The aggregate balance will fall to HK$92.6 billion, the first time since 2008 that the measure of interbank liquidity will dip below HK$100 billion. Read @ https://www.bloombergquint.com/markets/2018/08/16/hong-kong-spends-2-1-billion-this-week-to-defend-currency-peg#gs.rG475f8

‘Under fire’: Aussie dollar becomes the trade war’s No.1 whipping boy

Investors have brushed aside Australia’s world-beating economic growth to make its currency the whipping boy of the trade war. Down 9 per cent in the past six months, the Aussie dollar’s correlation with the tumbling offshore yuan reached the strongest on record in August as investors entwine the two nations’ fortunes. Read More @ https://www.smh.com.au/business/markets/under-fire-aussie-dollar-becomes-the-trade-war-s-no-1-whipping-boy-20180816-p4zxr5.html

WHAT IS THE USD SAYING?

USD away from 97 after briefly touching it; more upside for the USD as the FED prepares September Rate Hike and Donald Trump optimism of GDP.

TODAY NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES

  1. 9.30am – AUD employment change is expected to be good – SELL if the price goes up.
  2. 2.00pm – German WPI – It’s a leading indicator of consumer inflation – when wholesalers charge more for goods and services the higher costs are usually passed on to the consumer. Expected to be good.
  3. 4.30pm – UK will release their Retail sales and is expected to be good.
  4. 5.00pm – EURO will release their Trade Balance and is expected to be good.
  5. 8.30pm – Canada will release their Employment and Manufacturing sales and both is expected to be good. We buy CAD.

The market is in favor of the USD. $97 at the index is profit taking zone; WAIT for the bullish flag before engaging a Buy again for the USD. Always maintain good money management.

High Risk Investment Warning:

Please note that Forex and other leveraged trading involves significant risk of loss, It is not suitable for all traders and you should make sure you understand the risks involved, it is recommended that you seek an independent advice, if necessary.

 

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