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Dollars Move Slightly Ahead of Trade TalksDollars Move Slightly Ahead of Trade Talks After finding some support, dollars traded nearly flat on Tuesday. Investors in Asia are awaiting the results of the US-China trade talks in Washington later this week. The US dollar index last traded at 98.657, or 0.01% down from its last close. Meanwhile, against the CNY, the dollar dropped 0.3% to 7.1261. Over in Europe, the British pound extended its losses as EU leaders doubted whether a Brexit deal would come out on time. The deadline for the Brexit is on October 31, giving the two sides only three weeks to hammer out a deal. The GBPUSD pair lost 0.1%, while the EURUSD pair rose up 0.1%. Both the AUD and NZD gained 0.2% and 0.4%, respectively, against the USD. The Japanese yen, on the other hand, declined as the broader market climbed up. Against the yen, the greenback gained 0.1% to 107. Currency Traders Await Trade Talks www.financebrokerage.com On Thursday, high-level trade talks will resume. Chinese Vice Premier Liu He is meeting with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. The market isn’t expecting a trade deal to come out of the trade talks immediately. That’s because of reports that suggested the Chinese side was becoming increasingly reluctant to pursue a broader agreement. Moreover, tensions are higher after the US put eight Chinese technology companies on a blacklist. The US government cited accusations of human rights violations. Trump Under Investigation www.financebrokerage.com Over in the US, President Donald Trump is facing more problems. A New York Court recently required him to turn over eight years of personal and corporate tax returns. Trump is facing allegations of breaking a New York state law by reimbursing his former lawyer Michael Cohen for payments he made to Stormy Daniels, a porn star, during the 2016 election. The president will probably appeal that sitting presidents have immunity from criminal prosecution.
by Financebroker
btc/cnyusdPeople should begin to take notice of the price of Bitcoin in Chinese Yuan. This chart looks a bit more bullish than priced in USD. I am looking for the price to break upwards starting around Sept 19th. It will probably grind its way up to 13,000 (USD) by end of Oct, come back to retest support, and blast through 13,800 (USD) by early-mid Dec. I am looking for minimum price target of 17,000 (USD) by end of year. Maximum price would be 21,000 (USD) in my estimation. Who is really running the show here anyways?
BITSTAMP:BTCUSDLong
by ngordon
2
ANALYSIS: GOLDS KEY CORRELATION In this update, we take a look at the correlation between the price of Gold and Chinese Yuan. Since the end of 2017, we have seen the correlation between the commodity and the currency pair grow stronger. When the Chinese Yuan finds support and begins to impulse we see Gold do the same. When the Yuan finds resistance and starts to move lower. The Yuan here looks to have slightly more room to the upside before finding resistance and we should expect Gold to test $1350 before seeing any definitive downside as this is such an important zone for the commodity. Keep a close eye on the correlation as it has proven to be effective over the past year.
FX:XAUUSDLong
by BlueberryMarkets
USD/CNY Analysis: Mid-TermTechnical Analysis i) Looks like a Cup and Handle formation for USD/CNY on the weekly chart. Looking to short play the Handle, looking for entries between 6.62 - 6.64 down to 6.48 level. ii) Our most likely scenario (1), will have a pullback from the Handle down to the 6.48 level from their should look for some long positions up to 6.8 level. *ii) However, as any good trader should know is that you shouldn't get married to a position or scenario. Therefore, for this scenario (2) at the 6.48 level instead of immedietaly closing position I advice that we re-assess the markets at that moment in time and see whether we should continue shorting down to 6.3 further easing into shorts on the ride down. **A1 is a copy/shadow of the Bars Pattern taken from A. Fundamental Analysis The strength of the US economy which led the Federal Reserve to raise interest rates this year in conjunction with Trump's Tariffs has led the Chinese Yuan to fall more than 3% again the dollar in the past two weeks as tensions between the two largest economies has escalated. Chinese companies have amassed huge leveles of US dollar debts in recent years through bond sales in Hong Kong, according to financial data provider Dealoagic. However, it seems that China has been preparing for the upcoming Trade War as Moody's Investors Service stated that 'll but five of the 49 rated South and Southeast Asian high-yield non-financial companies have protection in place against a significant rise in debt levels or borrowing costs, if their local currencies were to depreciate up to 15% against the US dollar. The 49 companies reported a combined US dollar debt total of $45.5 billion as of year-end 2017, or about 55% of their total outstanding debt'. We can expect a further depeciation in the Yuan which shouldn't be to alarming for investors as it could make China's huge export industry more competitive globally as it makes Chinese products cheaper for buyers who pay in dollars. For which Trump has in the past repeatedly accused China of manipulating its currency's value in order to acheive this.
Long
by MoneyBodySoul
BTC; The long term view, looking for price drivers and ChinaThere are links between bitcoin and Chinese capital outflows and the control thereof and currency relations / controls of Chinese currency. The relationship is highlighted with the comparison of the prices of BTCUSD (light blue area ) and USDCNH ( Dark blue line ). This is useful in helping to form an idea of which direction the BTC may take. Currently there is a divergence in the price between BTC and USDCNH, which may point to a future weakening of bitcoin demand. Both the trends remain in a long term bull pattern as long as another higher high is made. Currently there is some divergence in the price between BTC and USDCNH, which may point to a future weakening of bitcoin demand or at least slowing of the momentum of this trend. I am watching to see if the USDCNH reverses its trend and the Chinese Yuan starts strengthening. If so I will become bearish on the bitcoin. Currently, because the Yuan is still moving upwards, respecting the brown/orange trendline and the bitcoin is also in a bull trend. However I will change my opinion to neutral if the Yuan ( blue ) breaks through the orange trend line . I will probably change to a bearish stance if the bitcoin follows suit and forms a lower low, past the $950 / $900 area.
BITSTAMP:BTCUSDLong
by Quadricolor