Chinese Yuan Falls Down Against The U.S Dollar

Chinese-Yuan-Falls-Down-Against-The-U.S-Dollar

Chinese Yuan Falls Down Against The U.S Dollar

Chinese Yuan Falls Down Against the U.S Dollar today in Asia surrounded by the clash wave on the Sino-U.S. trade war.

The USD/CNY pair traded 0.1% tall to 7.1610 by 11:47 PM ET (03:47 GMT).

U.S. President Donald Trump at the G7 summit in Biarritz, France, said that he has received two phone calls from Chinese officials urging new trade talks.

Later the China’s foreign ministry said that it was not aware of any U.S. – China phone calls, increasing the confusion on whether the two countries would be able to resolve the trade issues in the near future.

The People’s Bank of China lowered its official onshore yuan midpoint to 7.0810 per dollar on Tuesday, a fresh 11-1/2-year low.

The USD/JPY pair last traded at 105.68, down 0.4%.

Junichi Ishikawa, senior foreign exchange strategist at IG Securities, in a Reuters report, said that “The dollar rallied overnight due to optimism about a trade deal, but there’s a sense that the market has gotten a little ahead of itself.”

Also added that “Some traders can book a little profit here. There are still so many issues that can trigger a clash between the United States and China. Treasuries show the market is still somewhat skeptical.”

The U.S. Dollar Index against a basket of other currencies slipped 0.1% to $97.893.

The AUD/USD pair and the NZD/USD pair were downwards 0.2% and 0.3% respectively.

Boris Johnson British Prime Minister said on Monday was ready to take Brexit discussions with the European Union to the very last minute, and that he would make the decision to leave without a deal if necessary.

The GBP/USD pair slide 0.1% to 1.2209