Day: August 12, 2015

EUR/USD Rises on PBoC Actions

EUR/USD rose steadily today as the traders reacted to yet another currency intervention by the People’s Bank of China. Although the similar intervention resulted in a bearish move yesterday, traders began interpreting these currency market manipulations as a sign of danger to the upcoming US interest rate increase. The United States will be struggling to keep its currency competitive if China continues the devaluation policy. Crude oil inventories fell by 1.7 million barrels […]