The FX market appears to be showing signs of life with trade optimism spurring a rise in the dollar against developed market currencies whiles the dollar is falling gently against regional Asian currencies. The development is hardly surprising as a partial trade dispute resolution should add fuel to the US economy and regional Asian ones.
EUR/USD fell 0.50% to 1.0780, USD/JPY rose 0.55% to 109.10, USD/CHF rose 0.50% to 0.9910 and NZD/USD fell 0.40% to 0.6375. The AUD was unchanged at 0.6895, balanced between a stronger greenback and trade hopes spurring Australian growth with its high beta to Asia.
The USD/CNH has been steadily falling over the last week from 7.1000 and yesterday broke 7.0000. There followed a sharp spike to the early August lows around 6.9850 before an equally violent rally back to 7.0050. The price action had a definite stop-loss selling look about it once 7.0000 cracked.
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