Pacific Currencies – Summary
USD/CNY
USD/CNY is down slightly in Thursday trade. The pair is currently at 7.0307, up 0.11% on the day. The yuan remains close to 7.0400, which is an immediate resistance line. If the pair can break above this line, it has room to make strong gains, with the next resistance line at 7.0480.
AUD/USD
AUD/USD is trading at 0.6883, up 0.11% on the day. The pair climbed close to 1.0% on Wednesday, as the Aussie hit a 1-month high. There was positive economic news on Thursday, as the Melbourne Institute Inflation Expectations index gained 4.0% for a second straight month. This is an important inflation indicator, as inflation expectations often translate into actual inflation figures.
NZD/USD
NZD/USD followed the Australian dollar on Wednesday and made considerable gains. Currently, the pair is trading at 0.6584, up 0.05% on the day. There are no New Zealand events on the schedule, so I expect the pair to remain steady for the remainder of the day.