The US Dollar might resume its push higher against the Chinese Yuan. The divergence between the Fed and PBOC, as well as worsening domestic economic woes, offer USD/CNH upside potential. Get your market update from ddubrovskyFX here:
/CNH climbed about 3.5 percent, rising to 6.90 from 6.67. Following a period of consolidation, August was the best month for the exchange rate since April. Is there more room for the US Dollar to continue its upward trajectory? It seems so.
This was especially the case following the annual Jackson Hole Economic Symposium. There Fed Chair Jerome Powell reiterated the central bank’s fight against inflation, as well as alluding to the possibility of. As a result, the markets almost completely took away 50-basis points of easing that was priced in for next year.
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