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Day: August 11, 2015
August 112015
China Devalues Yuan Amidst Concerns About Economic Growth
Concerned about economic growth and in effort to bring the yuan more in line with market movements, the People’s Bank of China has devalued the yuan. Over the course of the last few years, the Chinese yuan has been moving higher, gaining in global importance and speculating that at some point the yuan (also called the renminbi) might even overtake the US dollar as the world currency of choice. Earlier, though, officials with the People’s Bank of China […]
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August 112015
EUR/USD Swayed by External News
The EUR/USD currency pair was influenced mostly by the news outside of the United States. The initial downmove was caused by the Peopleâs Bank of China — it has devalued the yuan by 1.9%, sending market participants to seek safety in such currencies as the US dollar (event A on the chart.) Six hours later, news came out of Greece announcing a bailout deal between the country’s government, the European financial organizations, and the IMF (event B on the chart.) Nonfrarm productivity […]
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