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China intervenes to support yuan

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    US stock markets recorded solid gains on Tuesday despite continued decline in oil prices. The dollar strengthened as investor confidence recovered after China intervened to support the offshore yuan exchange rate. This move reassured markets that China is not planning a sharp devaluation of its currency. According to live dollar index data the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.3% to 98.978. The S&P 500 closed 0.8%

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