There’s been big moves – outside of Bitcoin – in currency land today with the PBOC putting a big kick under the Yuan, strengthening it significantly against USD, moving the fix over 600 pips in a single day!
The PBOC shifted the fix from 6.5408 to 6.4760, with offshore trading sending it down below the 6.43 handle, not far off the 2017 low at 6.22 or so:
Meanwhile the roundtripping in Bitcoin “value” has been mindboggling in the last 24 hours, with the 10% plus gap up on the Monday open followed by a near complete pullback overnight and now a reflexive move back above $32000, helped by JP Morgan’s note on the “quantifiable intrinsic value” released today. The 30 minute chart seems to be following the usual technical rules, but volatility remains epic:
The Australian dollar has recovered half of its losses overnight, hovering just below the 77 handle after the positive December ANZ Jobs print. There’s still no stopping the Pacific Peso, still helped by a buoyant iron ore price:
