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USD/CNY to end the week flat

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/CNY pair is poised to end the week flat as the currency barely moved today as the central bank kept the daily fix in the tight range.

    The People's Bank of China set the midpoint rate at 6.5572 per dollar prior to market open, which is slightly firmer than the previous fix at 6.5585.

    The currency pair is trading steady for the sixth consecutive session around 6.5705. Bearish positions on the Chinese currency eased slightly in the last two weeks. However, the three-month NDF (non-deliverable forwards) point to a 2% fall in Yuan by April.
    For more information, read our latest forex news.
     

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