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21 Aug 2015

Officials prefer a USD/CNY rate at 6.2000 - BTMU

FXStreet (Guatemala) - Analysts at Bank of Tokyo Mitsubishi UFJ explained that it may be helpful to make some general guesses about Chinese official preferences about their own currency.

Key Quotes:

"In 2012 Chinese officials tried to convince markets 6.3000 was a good level for USD/CNY to settle, as a long-run equilibrium. In 2013 they said 6.1000. In 2014 they stopped talking and directly pushed the market to accept higher USD/CNY and two-way variability."

"Since USD/CNY was at 6.2100 before the policy change, it might not be too far from the truth to guess that 6.2000 is official China’s preference for a USD/CNY long-run equilibrium. (Of course, just because Chinese officials think this is where the yuan should settle doesn’t mean it will.)"

Aug 21, 2015

Long USD/JPY, target 126.25 - NAB

NAB is entering long USD/JPY at 123.60, initial target 126.25, stop 122.00.

Lower AUD helping Australia’s rebalancing act - HSBC

Paul Bloxham, Chief Economist, Australia and New Zealand at HSBC Bank Australia Limited, notes that the lower AUD is helping Australia’s rebalancing act.