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Thomson Reuters
Jun 12 - 11:00 AM
USD: FX Market Focus On 2 Key Levels: 7.00 In USD/CNY & 96.50 DXY - MUFG
First appeared on eFXplus on Jun 12 - 08:55 AM

MUFG Research discusses the current market conditions and highlights the importance of the 7.00 level in USD/CNY and 96.50 for DXY. 

"Market attention is currently focused on two key levels in the foreign exchange market. The 7.0000-level for USD/CNY and 96.500 for the dollar index. If either level if broken decisively it could result in a higher volatility in the foreign exchange market," MUFG notes.

"We would expect further Asia and emerging market FX weakness if USD/CNY breaks above the 7.0000-level, while further US dollar weakness especially against low yielding currencies including the euro, Swiss franc and yen would be likely if the dollar index breaks below the 96.500-level," MUFG adds. 

Source:
BTMU Research/Market Commentary

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