Chinese Yuan Jumps To 4-day High Against US Dollar
July 26 2012 - 11:23PM
RTTF2
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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