Yuan at 28-Week High
USD/CNY continues to lose ground. The pair broke below the 6.90 level in the Asian session, for the first time since July 22. Currently, the pair is trading at 6.8975, down 0.28% on the day. There are no Chinese events on the schedule. On Tuesday, China releases trade balance and new loans.
AUD/USD ended the week with considerable gains and continues to move upwards. The pair is currently trading at 0.6913, up 0.20% on the day. In economic news, the Melbourne Institute Inflation Gauge rose 0.3%, its strongest gain in five months.
NZD/USD has started the week with slight gains. The pair is trading at 0.6646, up 0.17% on the day. Later on Monday, New Zealand releases NZIER Business Confidence, which has been mired deep in negative territory. The Q3 reading fell to -40 pts, indicating deep pessimism about the economy in the business sector.