Financial Digest

Calmer Markets Ahead of the Weekend

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Overview: The dollar is paring yesterday's advance that was spurred by the rise in US rates following the preliminary PMI, which reached its best level in two years.

Overview:The dollar is paring yesterday's advance that was spurred by the rise in US rates following the preliminary PMI, which reached its best level in two years. The survey also picked up higher prices. The dollar is in narrow trading ranges but softer against nearly all the G10 currencies today. The Swiss franc and Japanese yen are laggards. Despite a large disappointing miss on UK retail sales, sterling has steadied after falling yesterday for the first time in five sessions.

Initial support may be near $0.6580, but there may be potential toward $0.6530-40. A move above $0.6640-50 would negate this bearish scenario.The PBOC set the dollar's reference at CNY7.1102 as it continues to moderate the downside pressure on the yuan.The average in Bloomberg's survey was CNY7.2486 . Against the offshore yuan, the dollar set a new high for the month, a little above CNH7.26. The high set last month was near CNH7.2830.

 

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