Monday, August 05, 2019 1:40:14 PM
The currency market is once again the real judge of the stock markets. By now, most traders and investors know the USD/CNY is now trading at 7.0457. Over the weekend, China seems to have retaliated against the United States and its threat of increased tariffs. China is simply devaluing its currency to boost its exports to offset U.S. tariffs. This is a move that the U.S. has actually warned China about in the past. Reports are also out in the financial media that China will now suspend new US agricultural product purchases by Chinese companies. The current break-out pattern of the USD/CNY suggests that it will continue to climb into the 7.35 to 7.50 level. So get ready, this is not ending anytime soon.
Nicholas Santiago
InTheMoneyStocks
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