PBOC sets USD/CNY at 6.1343

FXStreet (Bali) - People’s Bank of China (PBOC) set the yuan reference rate at 6.1343 vs a prior close of 6.1405. Today's setting comes amid heightened risk aversion due to speculation on further Chinese bond defaults, which has resulted in sharp declines in metals, still ongoing... The AUD/USD has found bids at 0.8950, level of confluence between an outer and inner trendline.

Mar 12, 2014

Shanghai copper market limit down

The Shanghai futures copper market just hit limit down, with steel and iron ore futures also showing sharp declines. The latest decline are having a slightly negative effect on AUD sentiment, although bids scattered around 0.8950 cap the downside for now. Traders will be monitoring the Shanghai Composite for further cues on sentiment, although at the moment, the picture does not look pretty, with the Hang Seng opening down 1.1%.

New gold high for 2014

The precious metal spiked from $1,348.00 up towards $1,360.00 resistance in Asian trading, as metals continue to be the main market movers.