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Michael Michaud is the founder of Invest2Success.com (http://www.invest2success.com/) and the Invest2Success Blog (http://invest2success.blogspot.com/). He has been investing and trading in the financial markets since 1989. He founded Invest2Success.com to empower individual institutional... More
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  • China's Yuan Hit A Record High Against The Dollar 0 comments
    Aug 16, 2013 4:35 AM

    The euro fetched $1.3350, near double top around $1.34 hit in June and August.

    Asian shares: Japan's Nikkei -0.75%, Hong Kong's Hang Seng -0.06%(07:30 GMT), Korea's Kospi -0.20%, Australia's ASX 200 -0.71% and China's Shanghai -0.64%.

    The jitters across Asia followed a sharp fall in Wall Street shares as signs of improvement in the U.S. job market and rising inflation stoked expectations that the Federal Reserve will reduce its stimulus next month.

    U.S. Treasury yields held near two-year highs in Asian trade as signs of improvement in the U.S. job market and rising consumer prices cemented expectations that the Federal Reserve will start reducing its stimulus next month.

    Ministers claim data on housing starts shows UK is bouncing back from 2009 nadir, but Shelter says number is still too low The government has declared an end to the half-decade slump in housebuilding after cheap borrowing and the Help to Buy scheme prompted a 6% increase in the start of work on new homes in the three months to June.

    The AUD/USD has reversed strongly over the last couple of days moving back towards and below 0.91. In the last 24 hours, it has moved wildly from near 0.92 down to 0.9060 very quickly before rallying recently and moving back towards 0.9150 again.

    The kiwi is selling off on quake reports. According to New Zealand Herald, "a strong earthquake has been felt in central New Zealand. The NZD/USD has retreated off highs at 0.8110 to now trade at 0.8070 as investors assess the possible economic damage.

    The Indian rupee fell to a record low of 62.03 to the dollar on concerns that central bank measures to curb capital outflows would prove insufficient as worries grew about the impact on funds of any rollback of U.S. stimulus.

    China's yuan meanwhile hit a record high against the dollar. The currency was trading at 6.1115 per dollar after touching a record high of 6.1090, as a string of solid economic data in China has eased worries about a sharp slowdown.

    As the dollar eased, gold prices hit a two-month high of $1,372.51 while silver also held near three-month high of $23.15 after a surge of more than 5 percent on Thursday. Copper futures hit a 10-week high.

    Brent oil prices held near four-month peaks on fears that escalating violence in Egypt could affect the Suez Canal or spread in the Middle East, where some supplies are already disrupted.

    Watch today: Eurozone current account & CPI, US Michigan.

    By Zulutrade

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