The Chinese yuan reversed course yesterday following PBOC officials’ pledge to keep the currency stable and not use it as a tool for fighting a trade war. Aussie and Kiwi also rebounded as the Australian and New Zealand economies are closely linked to the Chinese one. SEK gained the most among the G10 following the Riksbank decision. As for today, focus is likely to fall on the UK services PMI for June.
Swedish Krona the Big Winner after Riksbank; Aussie and Kiwi Gain on Chinese Yuan’s Rebound
The dollar traded lower against all the other G10 currencies on Tuesday. It lost the most ground against SEK, NZD and AUD in that order, while it underperformed the least against EUR, CHF and JPY.
The Swedish Krona was the biggest gainer, coming under massive buying interest following Riksbank’s policy decision. The Bank kept interest rates untouched as was widely anticipated and maintained the...
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