Chinese Yuan Jumps To 4-day High Against US Dollar

Date : 07/26/2012 @ 11:23PM
Source : RTTF2
Stock : United States Dollar (B) VS China Yuan Renminbi Spot (USD/Cny) (USDCNY)
Quote : 6.3204  -0.0128 (-0.20%) @ 11:27AM
United States Dollar vs China Yu share price Chart

Chinese Yuan Jumps To 4-day High Against US Dollar

United States Dollar vs China Yu (FX:USDCNY)
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The Chinese yuan advanced to a 4-day high of 6.3787 against the US dollar on Friday morning in New York as the ECB President Mario Draghi's euro supportive comments on Thursday spurred risk-appetite.

Additional support came from a couple of upbeat economic data from the U.S. overnight. Positive cues sent Asia-pacific stocks higher across the board, with the Shanghai Composite rising above 0.4 percent to 2134.14.

The U.S. durable goods orders increased to a notably higher level than expected in June, rising 1.6 percent to $221.6 billion from May. Economist had expected orders to increase to 0.6 percent in the month.

Meanwhile, the first-time claims for U.S. unemployment benefits fell by much more than expected in the week ended July 21st to 353,000 from the previous week's revised figure of 388,000. Economists had expected jobless claims to edge down to 380,000.

The current yuan exchange rate is almost 0.10 percent higher-than yesterday's closing quote of 6.3850 per dollar. The next resistance area for the Chinese currency is seen at 6.3750.

The People's Bank of China has set today's central parity rate for the dollar-yuan pair at 6.3325. The central bank sets the central parity rate, an official reference for daily trading, every morning and allows the currency to fluctuate up to 1 percent from that level.

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