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Market Testing PBoC Resolve And Yuan Trading Band, Bidding Up CNY
The market just added one more bank to its daily intervention watch. The PBoC, which left the CNY fixing unchanged from Friday at 6.8275, is now being tested by the market, which is trying to determine what the real trading band is. At last check, the USDCNY was at 6.8125. So far the daily band has been pushed beyond 0.002% and the PBoC has not yet intervened, or at least not in a manner comparable to that we have grown to love and disrespect from the SNB. In the meantime, just so there is no confusion, Former Chief Executive of the Hong Kong Monetary Authority, Joseph Yam says the "Yuan may appreciate or depreciate in short-term." Well, that now makes it all clear.
And speaking of the SNB, the EURCHF briefly tumbled to a new fresh all time low of 1.3667 before stops took it to just above 1.37. Tomorrow the SNB's most recent bluff of non-intervention will be aggressively tested.
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FX is like watching penalty kicks.
....with a one legged striker and a blind goalkeeper
Albert Edwards - preach on brother
The response quoted is so typical. Completely polite and completely a "my cards are my cards, not yours."
EURO buying support i've mentioned over the past few weeks has resulted in a bullish basing pattern on the daily chart. The important weekly chart remains bearish though.
http://stockmarket618.wordpress.com/about