By: Barbara Zigah
Yesterday, Su Ning, the Vice Governor of China’s central bank commented that they had no intention of tightening the country’s money supply and would be using market tools rather than quota styled controls as they are continue to work toward repairing China’s economy. Following those comments, the U.S. Dollar Index, a measure of the U.S. currency’s performance versus a basket of major currencies, slipped to 79.428 .DXY, a loss of .3%, and nearing 78.315 .DXY, a 7-month low hit earlier this week. Versus the Euro, the U.S. Dollar slipped to $1.4055, a loss of .1% from Wednesday’s U.S. late trading; earlier in the day, though, it has slipped to $1.4007 on the EBS trading platform, which was the lowest price in nearly two weeks.
According to one analyst, the U.S. Dollar will likely regain ground against other currencies as investors continue to close out their long positions in the commodities and stock markets. The Yen also slipped broadly following those remarks, but recovered quickly with traders wary about retaining their yen-selling positions in light of the volatility of the Shanghai stock market, which tumbled to an 8-month low. The U.S. Dollar fell to 94.95 Yen, a loss of .1%, while the Euro held steady at 133.45 Yen.
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Barbara Zigah
Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.
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FX BONUSES & PROMOTIONS
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Live Rates
| Symbol | Change | High | Low |
|---|
| EUR/USD | 0.0008 | 1.3283 | 1.32 |
|---|---|---|---|
| AUD/USD | 0.0059 | 1.0777 | 1.0684 |
| EUR/GBP | 0.0001 | 0.8401 | 0.8368 |
| EUR/JPY | -0.09 | 103.17 | 102.28 |
| GBP/USD | 0.0006 | 1.5826 | 1.5761 |
| USD/CAD | -0.0019 | 1.0015 | 0.9975 |
| USD/CHF | -0.0006 | 0.9159 | 0.9106 |
| USD/JPY | -0.08 | 77.77 | 77.41 |
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