by Chris Becker
The PBOC unexpectedly moved their reference rate lower for the Yuan today, pushing it down to 6.7942 from 6.8293!
Offshore Yuan trading was relatively unchanged, but look at that big line of resistance at the 6.83 level as the bearish rising wedge pattern nearly reaches completeion on the daily chart:
The Australian dollar is basically unchanged at 74 cents against USD after the recent rout in commodity prices sent the Pacific Peso down from the mid 74s in the last twenty fours . It has absorbed the upside surprise in the latest trade balance figures with almost no volatility:
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Tomorrow’s retail sales print and US non-farm payrolls may change this equation