US Session – Dollar mixed on Chinese yuan convertibility proposals
November 19, 2013 8:46 pm
The dollar was mixed as it rose against the yen but fell versus the euro, in a session during which the market had a chance to reflect on recent news and developments.
One story that influenced the market was the news that China was planning to widen the trading band of its own currency so as to intervene less to determine its value.
According to the recent Chinese Communist party policy meeting, the markets would play a bigger role in the Chinese economy.
A convertible Chinese Yuan could erode the reserve status of the US dollar, as reserve managers would buy the Yuan instead of other reserve currencies.
The dollar gained substantially versus the yen, rising by 0.35% to over 100 yen once more, to trade at 100.18.
The euro on the other hand rose versus the dollar, gaining 0.21% to 1.3528.
The pound also made some headway against the dollar, rising 0.12% to 1.6115.
Sterling was awaiting the minutes of the Bank of England Monetary Policy Committee meeting, due to be released on Wednesday.
Wednesday was going to be an important day for the dollar too as the minutes of the latest Fed meeting (29/30 October) are released, as well as inflation data and retail sales figures.
The dollar was mixed as it rose against the yen but fell versus the euro, in a session during which the market had a chance to reflect on recent news and developments.
One story that influenced the market was the news that China was planning to widen the trading band of its own currency so as to intervene less to determine its value.
According to the recent Chinese Communist party policy meeting, the markets would play a bigger role in the Chinese economy.
A convertible Chinese Yuan could erode the reserve status of the US dollar, as reserve managers would buy the Yuan instead of other reserve currencies.
The dollar gained substantially versus the yen, rising by 0.35% to over 100 yen once more, to trade at 100.18.
The euro on the other hand rose versus the dollar, gaining 0.21% to 1.3528.
The pound also made some headway against the dollar, rising 0.12% to 1.6115.
Sterling was awaiting the minutes of the Bank of England Monetary Policy Committee meeting, due to be released on Wednesday.
Wednesday was going to be an important day for the dollar too as the minutes of the latest Fed meeting (29/30 October) are released, as well as inflation data and retail sales figures.
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