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The US-Chinese relationship has been tense amid Trump’s governance, but if Biden wins, the situation may change. Let’s find out what it means for the Chinese yuan.
The presidential candidate Joe Biden claimed that current tariffs for Chinese goods are too high and need to be decreased as they create drawbacks not only for the Chinese side, but also for American companies and consumers that are forced to overpay.
However, everybody understands that Biden won’t impose lower tariffs immediately after his victory. Of course, it will take some time, but if he wins, it will reduce the market uncertainty. Investors will be confident in his further rational actions over the Chinese trade agreement.
The Lombard Odier analysts forecast that USD/CNH will reach 6.50, while currently it trades at the 6.70 level. It’s quite possible as the CNH has been already declining since May.
USD/CNH has been trading in a descending channel for over 5 months. Today the pair bounced off the lower trend line and took a breath after falling for so long. The upcoming presidential debate and impetus in fiscal stimulus deteriorated the market sentiment and underpinned the safe-haven USD. The most possible scenario is that the pair will rise to the resistance zone near 6.7500, where it will reverse and then start falling again, sticking to its long-term bearish trend. Support levels are 6.6250 and 6.6000.
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
The US Federal Reserve may refrain from more aggressive interest rate hikes in March due to geopolitical risks after Russia's special operation in Ukraine…
Hello from the far 2022! FBS analysts have used some magic to travel to the future and brought you some hilarious predictions.
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
The stock market has reversed, and now it’s going lower and lower…
Walmart is one of the biggest retail corporations in the US, with $244 billion in total assets. Does it worth buying amid rising prices and supply concerns that shatter the world economy?
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