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• CNY 0% Rate It
• CYB 0% Rate It
• FXF 0% Rate It
• GLD 77% Rate It

One unsung beneficiary of the recent currency moves: the yuan. At this point, it takes fewer yuan ( CNY , quote ) to buy a dollar than at any other time in the last 17 years. Are we watching CNY emerge as a new safe haven currency? It is an interesting idea because the only currencies that seem to be rallying here are the dollar ( DXY , quote ) , the Swiss franc ( CHF , quote ) -- and now the yuan. Even gold ( GLD , quote ) is having a little trouble. However, it may simply be a case of China being the source of risk trades that were short on DXY and are now unwinding. How short was the world in dollars? How short is it now? And how violent is all this going to get? This is an environment where the dollar has plenty of room left to climb. The greenback jumped through significant resistance levels yesterday and the news flow only gets worse for the shorts. A 78 handle on DXY looks certain on this move, even though momentum is still low and RSI is hanging in the middle of the road. Keep an eye on yuan ETFs like CYB ( quote ) today. You can also trade CHF via funds like FXF ( quote ). Any sharp moves in the currency markets are likely to unhinge commodity prices even more. Glencore, the world's biggest and smartest commodity trading house, is down another 2% in London today. They said earlier this week they see more weakness in commodity prices on the table -- and they definitely have the best position to judge the story.

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