The dollar is getting whacked and there's not a sign for reverse

08.09.2017 / 16:06

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Already under pressure because of growing skepticism that the US Federal Reserve will raise interest rates again this year, driven by soft US inflationary pressures and doubts about the Trump administration's ability to push through infrastructure spending and tax overhaul, the latest bout of selling appears to have been as a result of a sharp strengthening in the Chinese yuan earlier in the session.
The USD/CNY briefly fell to as low as 6.4476, leaving the yuan at its strongest level since December 2015.
While the dollar has recovered fractionally, the yuan's surge helped to lift currencies such as the euro, the Australian dollar, and the Canadian dollar to multiyear highs.

Source: Bloomberg Pro Terminal

Trader Bozhidar Arabadzhiev

Varchev Traders

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The dollar is getting whacked and there's not a sign for reverse

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