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Aussie, Yen Whipsaw as Unease Spreads Over Yuan
Friday, 20 July 2018 10:44 WIB | CURRENCIES |DOLLAR YenDolar ASAussie

Australia's dollar and the yen whipsawed as traders sought to make sense of China's intention in weakening its currency reference rate by the most in two years.

The People Bank's of China cut its yuan fixing by 0.9%, contrasting withearlier assurances that it would keep the currency stable. Offshore yuan dropped as much as 0.7% against the dollar, before paring losses.

The fixing spurred leveraged accounts to short the Australian dollar, according to a trader, with the Aussie dropping as much as 0.8% to 0.7318 in about 30 minutes. It then erased most of the move to trade down just 0.2%.

The weakening of the yuan comes a day after U.S. President Donald Trump said the Chinese currency has dropped like a rock, putting America at a disadvantage. China accused American officials of making false accusations, firing back against a claim that Chinese President Xi Jinping is blocking trade talks

USD/JPY slipped 0.1% to 112.33 as traders bought the yen as a haven asset.

Source: Bloomberg

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