Chinese Yuan Declines Against US Dollar And Euro

The Chinese Yuan declined against the dollar and fell from a 2-day high against the common currency of Europe during Thursday's Asian trading.

The Chinese yuan traded lower against its US counterpart during Thursday's early Asian trading. The yuan is now trading at 6.8310 versus the buck, and if it declines further 6.833 is seen as the next target level. At yesterday's New York session close, the pair was quoted at 6.8271.

The People's Bank of China has set today's central parity rate for the dollar-yuan pair at 6.8280. The pair is allowed to move 5% above or below the target rate.

From U.S., the weekly jobless claims and August existing home sales reports are expected in the New York session.

The Chair of the White House Council of Economic Advisers Christina Romer is scheduled to deliver the keynote address to the Chicago Federal Reserve Bank's International Banking Conference in Chicago at 1 pm ET.

The Chinese yuan pulled back against its European counterpart after rising to a 2-day high of 10.0468 during Thursday's early Asian trading. The yuan is now trading at 10.05 against the common currency, with 10.05 seen as the next downside target level. At yesterday's New York session close, the pair was quoted at 10.0612.

The People's Bank of China has set today's central parity rate for the euro-yuan pair at 10.0662.

In the European session today, the Italian trade balance and the German IFO are expected.

Euro vs CNY (FX:EURCNY)
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