Fifty Chinese brokerages have vowed to pledge a total of 100 billion yuan ($15.7 billion) to back up stock purchases, as regulators move to further prop up the shaking market, reported Securities Times.
The AUDUSD pair fell during the course of the session on Wednesday, testing the 0.70 level for support.
The AUDUSD pair fell significantly during the course of the session on Tuesday, breaking down to a fresh, new low.
China’s factory activity continued to lose steam in August, suggesting the world’s second largest economy faces prolonged downward pressure, official data showed Tuesday.
AUDUSD’s downward movement from 0.8162 extended to as low as 0.7037.
EURUSD broke above 1.1467 resistance, and reached as high as 1.1713.
GBPUSD recently broke past the resistance at the 1.5650-.1.5700 psychological levels and is showing signs of a pullback from the rally.
So far in this morning’s forex trading session it’s been a case of selling the euro and buying the commodity dollars, with a strong move lower also in the EUR/JPY, although this bearish sentiment towards the euro has not been as strong in eurodollar.
The AUDUSD pair initially tried to rally during the course of the day on Tuesday, but found itself struggling yet again.
Whenever I put the proverbial pen to paper and start to write about gold, I can already hear the chorus of dissenting voices from those traders and investors who only view their beloved metal as bullish, and can never accept the reality of what is actually happening on the chart.