PBOC sets USD/CNY central rate at 6.5060

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Tuesday, Mar 29 2016

There were no data releases from Australia this morning. Stimulus programs from the PBOC helped lift Asian currencies. PBOC set USD/CNY central rate at 6.5060 vs. Monday at 6.5232. In Open Market operations, the PBOC injected 60bn yuan today (via 7-day reverse repos). A much stronger yuan 'fix' today following the US dollar slipping in overnight trade.The Chinese Academy of Social Sciences (CASS) forecasted GDP growth in China at 6.8% for H1 of this year.”

The Aussie has received solid support in the last two months – surging 11 per cent – as commodity prices recover slightly and the greenback drops out of favor. The debate over whether the RBA is considering cutting interest rates continues.

Aussie is currently being traded around 0.7530 area. Pair is likely to find support around 0.7450 handle and resistance above 0.7550 level. Later today, in the US session CB Consumer Confidence figures are scheduled for a release.

More in this category: « Existing Home Sales rose by 3.5% M3 Money Supply unchanged in February »

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