US dollar shows silght changes at Asian session, with yuan falling further

Posted 27 June, 2018

At the Asian session, the US dollar showed little changes on softer tensions concerning the trade issue. PBOC has reportedly set the lowest base rate for the national currency since late December 2017. This move can be considered as a way to ease the existing trade conflict.

The US Dollar Index decreased to some 94.22 this morning. On Tuesday the rate plunged to the local bottom at 93.94 driven by fears of tougher relations between the USA and its trade partners. However, the situation slightly improved, which supported demand for the risk somewhat.

During the meeting with the officials, the US President Donald Trump supposed that the US Administration could start considering foreign investments in the Committee on Foreign Investments in the USA rather than impose new restrictions on Chinese investments into the American technologies.

Meanwhile, China's Central Bank set reference rate for the yuan at 6.5569, the lowest level since last December. Earlier, the rate was determined at 6.5180.

The Chinese currency keeps weakening against the US dollar. The dollar-to-yuan exchange rate moved up to 6.5921. Last Sunday, PBOC stated that it would inject another $100 billion into the national economy and reduced the mandatory reserve amount for commercial banks to support the economy in a time of the trade war.

With falling yuan, the Australian dollar also dipped vs the greenback, reaching 0.7377. Notably, the Australian currency is highly dependent on the Chinese economy, and further development of the Australian dollar-to-US dollar rate will be most likely based on the yuan changes.

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27 June, 2018 12:38

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