What you need to know on Tuesday, August 6
Publish Date : 2019/08/06 - 08:14

What you need to know on Tuesday, August 6:

China strengthened its currency after allowing the USD/CNY pair above 7.00 on Monday. The move led to market and stock stability. The United States has accused China of manipulating the currency, and tensions have intensified with China's stopping the purchase of US agricultural products.

The Reserve Bank of Australia has not changed interest rates and remains 1%. But it has warned that interest rates will remain low for a long time.

On Monday, yields plummeted as investors stormed US bonds and the dollar weakened. ISM's non-manufacturing PMI data also pushed the dollar down by releasing weak 53.7 data.

The USD/JPY has climbed above 106 and commodity currencies have moved higher.

The AUD/USD has climbed regardless of the Federal Reserve Statement.

The NZD/USD pair is on the upside.

German factory orders rose 2.5% in June, boosting hopes that the manufacturing slump may come to end. The EUR/USD took advantage of the dollar weakness on Monday and has gone up to 1.1200.

Cryptocurrencies have risen somewhat.

Bitcoin has risen 2% to over $ 12,000.


Source: Fxstreet

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