Forexlive Americas FX news wrap: Another rough day at the corner of Wall and Broad

Discussion in 'Market News' started by ForexLive, Jan 7, 2016.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Forex News for US trading on January 7, 2016Intro Paragraph Text Here. It was another rough day for those that work in the building at the corner of Wall and Broad (even if no one works there anymore...replaced by electronic traders on the floor of the NYSE and the folks from CNBC). The US stocks tumbled once again (S&P down -2.37%, Nasdaq downe -3.01% and Down down -2.32%) and is having the worst start EVER. Yes EVER. China, China, China is the words most used to describe the reason. The PBOC set the exchange rate higher (Yuan lower) once again. Moreover the offshore variety (the one that is not fixed artificially, traded at the widest spread to the on shore variety (i.e. the market expects further weakness). Reported intervention to stem the weakness in the off-shore Yuan, had traders confused and led to to meltdown in the Shanghai composite. Recent circuit breakers were triggered (more on that in a second) and after a day of work, the traders in Shanghai left feeling...well fresh. After all, the market only traded for 14 or so minutes.

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