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U.S. Dollar Tumbled on Profit Taking; PBOC Set USD/CNY at 6.6369

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Greenback depreciated as traders are taking their profits ahead of the quarter’s end. EUR/USD rebounded on 1.1710 and locked a positive day, while GBP/USD is about to end the month in green. PBOC set the USD/CNY at 6.6369, the fifth consecutive increase.
PBOC Depreciated CNY for the Fifth Day in a Row
The People’s Bank of China set the onshore Chinese yuan mid-point at 6.6369 against the U.S. dollar, today. It is the fifth consecutive depreciation of the Chinese currency which set it at the lowest level since August 25th. The central bank allows the USD/CNY pair to move only within 2% above or below the central parity rate. The China Foreign Exchange Trade System calculates the weighted average of the price given by market makers, excluding the highest and the lowest offer.
The consecutive drops impacted the offshore Chinese Renminbi which managed to record six consecutive winning daily sessions against the U.S. dollar, reaching a one-month high and passing above the 50-day SMA.

Read the full financial markets daily report on JFD Research.

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Source: https://www.jfdbrokers.com/en/research-education/jfd-research/daily-market-report/6-daily-market-report/12877-u-s-dollar-tumbled-on-profit-taking-pboc-set-usd-cny-at-6-6369.html
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