Chinese currency policy helping the euro?
Asian shares are rising and the euro seems to be about to turn upward after China’s central bank, The People’s Bank of China (PBoC), announces they will accept an increasing flexibility in exchange rates. Read more about the new Chinease currency policy below.
Gradual upgrade of Yuan
China’s central bank announced there will be a gradual easening of the local currency, Yuan. This is something many investors, Americans in particular, been waiting for a long time. Risk Appetite seemed rapidly increasing, and several stock and commodity markets rose in light of China’s easing monetary policy.
Euro raised against the USD to 1.25
The exchange rate for EUR/USD is heading towards 1.25, a level with significant resistance. Lets see if the euro can break through 1.25, heading for 1.27 within short or if the Euro will go down again instead?
