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U.S. Dollar/Chinese Yuan (^USDCNY)

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U.S. Dollar/Chinese Yuan Futures Market News and Commentary

Dollar Falls with Bond Yields

The dollar index (DXY00) on Thursday fell to a 2-1/2 week low and finished down by -0.40%.  The dollar was weighed down Thursday by a decline in T-note yields.  Also, Thursday’s stock rally reduced the liquidity demand for the dollar.  In addition, the dollar had a negative carryover from Wednesday when Fed Chair Powell said it was “unlikely” that the Fed's next policy move would be to raise interest rates.  Thursday’s US economic reports were dollar-friendly, showing weekly jobless claims rose less than expected, and Q1 unit labor costs rose more than expected, hawkish factors for Fed policy. 

Weekly US initial unemployment claims were unchanged at 208,000, showing a stronger labor market than expectations of an increase to 211,000.

US Q1 nonfarm productivity rose +0.3%, weaker than expectations of +0.5%.  Q1 unit labor costs rose +4.7%, stronger than expectations of +4.0%.

US Mar factory orders rose +1.6% m/m, right on expectations and the biggest increase in 4 m... Read more

Price Performance

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Period Period Low Period High Performance
1-Month
7.2293 +0.11%
on 04/10/24
7.2473 -0.14%
on 04/25/24
+0.0025 (+0.03%)
since 04/03/24
3-Month
7.0976 +1.97%
on 02/06/24
7.2473 -0.14%
on 04/25/24
+0.0471 (+0.66%)
since 02/02/24
52-Week
6.8929 +4.99%
on 05/04/23
7.3500 -1.53%
on 09/08/23
+0.3249 (+4.70%)
since 04/28/23

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^GBPUSD : 1.25624 (+0.22%)
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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 72% Buy with a Weakening short term outlook on maintaining the current direction.

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Key Turning Points

3rd Resistance Point 7.2436
2nd Resistance Point 7.2424
1st Resistance Point 7.2409
Last Price 7.2372
1st Support Level 7.2382
2nd Support Level 7.2370
3rd Support Level 7.2355

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52-Week High 7.3500
Last Price 7.2372
Fibonacci 61.8% 7.1754
Fibonacci 50% 7.1214
Fibonacci 38.2% 7.0675
52-Week Low 6.8929

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