The FX market was surprised today when the Peoples Bank of China set the onshore USD/CNY rate much higher than anticipated at 6.9225, leading to the offshore USD/CNH currency pair extending gains through 7.00 – a level previously defended by the Chinese authorities concerned about capital outflows and one at which the pair has never […]
As polls in eastern states closed the FX market has seen some whippy price action, however according to dealers spreads remain reasonable.
USD/MXN, widely seen as the bellwether of the election outcome, has whipped around, from 18.30 when polls closed it has hit a high of 18.44 and a low of 18.1650 and was, ironically, last trading at 18.30. “The market is keying on Florida,” an Asian-based trader tells Profit & Loss. “It looks tight but you can track the updates by the moves in USD/MXN.”