News and Information
Foreign exchange trading reminder: data shows that the US economy is resilient, the dollar is supported, Lagarde said the European Bank will continue to raise interest rates in July
On June 28th, Beijing time, in the morning of Asian market, the dollar index fluctuated narrowly, and is currently trading around 102.47. The dollar index fell back on Tuesday and finally closed down 0.26% at 102.51, after a series of economic data released showed that the US economy is still resilient and may not be close to recession, while the euro climbed after European Central Bank President Lagarde spoke. After the U.S. consumer confidence index jumped, traders increased their bets on further interest rate hikes by the Bank of England, which...
On June 28, 2023, the China Foreign Exchange Trading Center was authorized to announce the central parity of the RMB exchange rate
The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that on June 28, 2023, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.2101 yuan for 1 US dollar, 7.8999 yuan for 1 euro, 5.0118 yuan for 100 yen, 0.92055 yuan for 1 Hong Kong dollar, 9.1903 yuan for 1 pound, 4.8174 yuan for 1 Australian dollar, and 4.8174 yuan for 1 New Zealand dollar.
Forex trading reminder: risk aversion continues to support the dollar, Russia's situation affects the fate of the ruble
The dollar index fell slightly by 0.09% on Monday to 102.77, supported by safe-haven demand and little changed. Fears of a global economic slowdown linger amid aggressive tightening actions by many central banks around the world. German business confidence deteriorated for the second consecutive month in June, according to a survey released on Monday, indicating that Europe's largest economy is struggling to emerge from recession. In early Asian trading on June 27, Beijing time, the dollar index fluctuated in a narrow range and is currently trading at...
6.27 Foreign exchange gold bulls are weak, and the recent trend of operating shorts is dominant
Gold News Analysis: There were relatively few fundamentals last week, and some fundamentals of non-US countries that were more important during the week. For example, the UK CPI data unexpectedly rose, and the high inflation made the Bank of England directly raise interest rates by 50 basis points on Thursday, much higher than the 25 basis points previously expected by the market. At the same time, the Swiss National Bank also raised interest rates again by 25 basis points last Thursday. From the perspective of market reaction, after the Bank of England and the Swiss National Bank raised interest rates, both the pound and the Swiss franc fell instead of rising, which also gave non-US...
On June 27, 2023, the China Foreign Exchange Trading Center was authorized to announce the central parity of the RMB exchange rate
The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that on June 27, 2023, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.2098 yuan for 1 US dollar, 7.8773 yuan for 1 euro, 5.0357 yuan for 100 yen, 0.92048 yuan for 1 Hong Kong dollar, 9.1788 yuan for 1 pound, 4.8199 yuan for 1 Australian dollar, and 4.8199 yuan for 1 New Zealand dollar.
Foreign exchange trading reminder: the dollar rallied on safe-haven buying, and the UK's economic recession expectations increased pressure on the pound
The dollar index rose to a high of 103.17 on Friday before closing up 0.45% at 102.86 after weak global corporate activity data led to risk aversion and hawkish comments from central banks added pressure on riskier currencies. Growing expectations that the UK economy could fall into recession weighed on the pound. In early Asian trading on June 26, Beijing time, the dollar index fluctuated in a narrow range and is currently trading around 102.77. Last Friday the US...
China's foreign exchange market transactions totaled 21.58 trillion yuan in May
Statistics from the State Administration of Foreign Exchange show that in May 2023, China's foreign exchange market (excluding foreign currency pairs, the same below) totaled 21.58 trillion yuan (equivalent to 3.09 trillion US dollars). Among them, bank-to-customer market transactions 3.27 trillion yuan (equivalent to 470 billion US dollars), interbank market transactions 18.31 trillion yuan (equivalent to 2.62 trillion US dollars); spot market cumulative transactions 8.91 trillion yuan person...
On June 26, 2023, the China Foreign Exchange Trading Center was authorized to announce the central parity of the RMB exchange rate
The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that on June 26, 2023, the central parity rate of the RMB exchange rate in the interbank foreign exchange market will be 7.2056 yuan for 1 US dollar, 7.8618 yuan for 1 euro, 5.0260 yuan for 100 yen, 0.92013 yuan for 1 Hong Kong dollar, 9.1774 yuan for 1 pound, 4.8172 yuan for 1 Australian dollar, and 4.8172 yuan for 1 New Zealand dollar.
Foreign exchange trading reminder: if Powell defends interest rate hikes, it will help the dollar stabilize, and it will be difficult for the Bank of England to raise interest rates significantly
The dollar index closed 0.05 per cent higher at 102.54 on Tuesday. "If Mr. Powell remains steadfast in his defence of the Fed's failure to finish raising interest rates to tamp down inflation, it could help the dollar stabilise after last week's rout," said senior market analysts at Convera. Jefferies said high UK inflation would last longer as a result of Brexit, but would not trigger a sharp rise in central bank interest rates. UniCredit said the Bank of England could raise interest rates further, but there was room for the pound to appreciate...
On June 21, 2023, the China Foreign Exchange Trading Center was authorized to announce the central parity of the RMB exchange rate
The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that on June 21, 2023, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.1795 yuan for 1 US dollar, 7.8396 yuan for 1 euro, 5.0795 yuan for 100 yen, 0.91751 yuan for 1 Hong Kong dollar, 9.1627 yuan for 1 pound, 4.8741 yuan for 1 Australian dollar, and 4.8741 yuan for 1 New Zealand dollar.
In foreign exchange trading, how leverage affects transaction costs
In addition to amplifying your losses, leverage can kill you in another way. Although this death process is relatively slow, it is a bit like a trickle of execution. Most traders cannot detect it coming, and by the time they do, they are dead. The killer I am talking about is the trading costs associated with high leverage. Leverage will not only amplify your losses, but will also amplify your trading costs proportionally. Let's say you open a mini account with $500. You buy 5 mini lots...
When will the ECB's road to austerity end? Companies in deep financial distress continue to climb
According to Alvarez & Marsal data, more than a quarter of companies in Europe and the Middle East have balance sheet anomalies, as these companies were heavily indebted during the COVID-19 pandemic and now face rising interest rates and soaring inflation. The report notes that around 28% of companies are in a poor balance sheet position in 2022, while 8.4% are in distress. The report highlights that the Middle East, Spain and Germany are among the countries in distress accounting for...
On June 20, 2023, the China Foreign Exchange Trading Center was authorized to announce the central parity of the RMB exchange rate
The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that on June 20, 2023, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.1596 yuan for 1 US dollar, 7.8226 yuan for 1 euro, 5.0467 yuan for 100 yen, 0.91610 yuan for 1 Hong Kong dollar, 9.1638 yuan for 1 pound, 4.9073 yuan for 1 Australian dollar, and 4.9073 yuan for 1 New Zealand dollar.
Gold market analysis: Without the impact of major events, this week may continue to remain in the range of $1930-1985
Bank of China (601988) Guangdong Branch Wang Gang said that gold is currently concerned about the support of 1933/1918 below, and the resistance of 1970/1985/2005 above. Overall, it is expected that without the impact of major events, gold will continue to fluctuate sideways in the range of 1930-1985 this week. Gold closed slightly higher last Friday (June 16), and spot gold closed at $1957.68 in late US trading.
After the European Bank raised interest rates, the euro rose sharply. Why did investment banks say it was too early to raise expectations?
Although the euro rallied sharply after the European Central Bank raised interest rates last week, Asmara Jamaleh, a researcher at Intesa Sanpaolo Bank, was cautious about raising her forecast for the euro. While the ECB's actions and revised inflation forecasts have underpinned the euro's recent gains, Jamaleh believes it is too early to raise inflation forecasts given the uncertainty surrounding the Federal Reserve's decision.
