September 26, 2024 at 07:19AM
The pair suffered a technical rejection from the June and July 2023 highs near 0.6900 yesterday. But it is seen bouncing back today, gaining further after the Politburo sounded a strong message to support the measures undertaken this week to bolster the Chinese economy.
Chinese equities are rallying further as a result after the lunch break. The CSI 300 index was up around 0.7% on the day during the break. But it has now jumped up to being 3.0% higher. The Shanghai Composite index is also up 2.5% and the Hang Seng seen up 3.1% on the day.
For the CSI 300 index, it is now marked up by 9.4% on the week itself. And if my calculations are correct, that will be the biggest weekly gain since 2014.
The aussie is a main beneficiary in all of this. And that is seeing AUD/USD push higher to recover some of the losses from yesterday.
The simple equation is that what’s good for Chinese economic activity and consumption will bode well for Australia given their trade reliance and economic ties with China. And what is naturally good for the Chinese economic outlook is typically good for commodity prices as well, in turn benefiting the aussie too.
Going back to the charts, the June and July 2023 highs at 0.6892-00 is still the key resistance region to watch as this point for AUD/USD. Keep below that and buyers will stay contained for the time being.
On the dollar side of the equation, we’ll have plenty of Fedspeak and the US weekly jobless claims today. Then, tomorrow we’ll have the US PCE price index to wrap up the week. But do keep in mind month-end and quarter-end flows as well.
This article was written by Justin Low at www.forexlive.com.
伦敦作为国际金融中心之一,是世界上最大的外汇市场和除香港以外最大的离岸人民币市场,其自由贸易政策、法律体系完善等优势成为企业进入国际市场的最佳跳板。通过英国伦敦公司合派HUBFX开立英欧美加收款账户,企业可以实现更低成本的贸易资金快速流转,更快打通欧美与内地市场的贸易路径。不过,对于许多中小贸易企业来说,开户难、账户不稳定的问题始终难以解决。自行申请英欧美加银行账户,不仅流程繁琐、耗时长,且需要现场面签审核,开户条件非常苛刻。此外,随着CRS协议全球大范围实施以及国际监管政策愈加严格,许多英欧美加银行也加强了对开户公司的资格审查,这大大提高了企业的开户门槛。
合派HUBFX 可为企业在线开立英国、欧盟多币种收款账户,开户快捷,支持美元、欧元、英镑、日元、港币、离岸人民币等38个币种的收款需求,足不出户轻松满足企业安全快捷的收款需求。与传统方式不同,合派HUBFX与多家国际知名银行合作,秉承高标准合规与监管要求,为企业在线开立账户,无需亲赴英/欧/美/加,提交相关资质材料并审核通过后即可快捷开立,企业账户名称即为企业实名,无任何前缀,账号信息由企业专属,解决了外贸企业急于快速开户并进行跨境贸易收付款的迫切需要。汇率透明,安全高效整个过程中无开户、账户管理等额外费用,通过自有高新技术搭建的底层外汇交易引擎,企业可在HUBFX管理平台获得实时透明汇率,全流程自动化操作,每一笔资金及交易状态一目了然,方便企业高效进行资金管理,优化成本。此外,合派HUBFX拥有英国巴克兰银行的保障(Safeguard)客户资金账号,外贸收付款安全可靠。
如果您对我们的服务有兴趣请拨打以下电话或者添加最下方微信号:
The HUBFX Team
HUBFX
+442081338988
+35312548588
UK: 7 Bell Yard, London, WC2A 2JR
EU: The Black Church, Dublin 7, Ireland
Our Financial Services are Regulated in the UK, EU, Canada and the US.