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Three-week low of U.S. Dollars as Yuan Rallied

January, 06 2017
watermark Economic news

The U.S. dollar plunged over the past three weeks against a basket of other major currencies on Thursday since unemployment data and U.S. inflation rate did not bring a reversal. Yet, China’s yuan has its highest gains recorded. The offshore yuan gained its highest profit against the greenback in almost two months.

It induced investor to sell more bringing the dollar lower to its lowest rate since 24th of December last year. Despite the positive data from the Supply Management;s non-manufacturing Purchasing Manager’s Index (PMI), it was not enough to bring momentum in the market. Although, this may shift back to its peak as the market returns after the Holidays in December last year.

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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.