Since yesterday not much changed in the market. For example, in China, the yen became stronger versus the Australian dollar. Chief manager of forex at Mitsubishi UFJ Trust Bank, Koichi Kobayashi, said that global share prices are rallying. The currency market has a limited reaction, but Koichi Kobayashi thinks that currencies will have to do a catch-up.
The offshore yuan strengthened a bit to 6.9905 yuan to the dollar.
Currency strategist at Nomura Securities Ei Kaku said that he thinks the yuan can reach the 6.8 handles if the deal is officially signed.
On Wednesday, a report published by Mastercard mildly supports risk sentiment. United States holiday sales rose brisk 3.4% despite that it was short of a 5.1% increase last year.
Sterling had its peak on December 13 of $1.3516. It’s a bit up from levels before the Christmas holidays. Nevertheless, it is very below from its peak. Sterling last traded at $1.2986.
Against the yen yesterday, the dollar rose 0.2% to 109.54-yen JPY=. Earlier this month, the dollar against yen had a six-month high of 109.73.
The Euro’s movement was almost unnoticeable at $1.10905 EUR=.
The Australian dollar held firm at $0.6927 AUD=D4. Hit earlier this month, it is a bit below from its four-month peak of $0.6939. Meanwhile, the New Zealand dollar was near its five-month high. The kiwi traded at $0.6648 NZD=D4.
The global currency markets remained in holiday mood after the Christmas day, on Wednesday. Several centers remained closed on Thursday.
Washington and Beijing, at some point, struck an interim agreement on trade. It might underpin risk assets. Nevertheless, traders are looking forward to cooperation with a positive attitude.
In recent months the surveys on manufacturing data show some signs of the bottoming.
The yen leveraged against the coins. Because most of the time, the stronger appetite translates to more selling in safe-haven currencies.
As you see, news remains mostly unchanged from yesterday, but let’s see what will happen afternoon.
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