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Forex: USD/CNH remains pivoting around 6.3000

By FXstreet.com,  February 15, 2012, 11:50:00 PM EDT

FXstreet.com (Barcelona) - The USD/CNH has shown a bid tone in the Asia-Pacific region, following broad-based USD strength across the board. A higher onshore fixing by the PBOC at 6.2991 vs 6.2958 and Greece bailout still in limbo helped move the rate just above 6.3000 from 6.2970.

According to a senior trader at a local bank cited by Down Jones newswire: "I expect the pair to remain biased lower in the coming months on expectations for gradual yuan appreciation," the trader said. He tipped the pair to trade between 6.2960-6.3040 in the near term, thus choppy levitations around the round number 6.3000 are still expected.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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