Nearly all the Asian currencies are slipping on the Forex trading markets during Corona. Starting from the Chine Yuan, the recession seems to hit hard all the currencies. It is to make a cautious approach to trading. Learn everything at http://dominion24.esy.es/register-for-webinar/.
I am not sure if this is the right subreddit to post onto, but here goes. I am a non-Chinese person which has left China some months ago and I don't plan on returning, so I would like to convert my saving on my Chinese account to another account in another currency, for example euro. Now, in last week, Chinese yuan has lost 5% of its value, which is a lot. My question is should I wait or not wait? If anyone has any deeper knowledge of this situation and can give me some advice or predictions, that would be great.
Dollar is following its heart. Forecast as of 06.11.2020
Weekly US dollar fundamental analysis
Markets are just like people. They follow their hearts from time to time and forget about common sense. Investors like the idea of the division in the Congress and the Democratic president. In this scenario, the risks of tax hikes and high tech companies' strict regulation are much lower. This fact supports the stock indexes. The S&P 500 has been up by 1% and more during four consecutive trading sessions, which has been for the first time since 1982. In percentage terms, those days have been the best since early April. Markets consider Joe Biden to be a better president than Donald Trump, which allowed the yuan to gain back more than 50% of the losses faced during trade wars. The EURUSD tested the resistance at 1.186-1.187. The growing chance of Biden’s victory encourages investors to spend the cash, which they have been accumulating ahead of the US presidential election. They are buying stocks and bonds. However, traders forget about other factors, such as the pandemic, uncertainty around the new fiscal stimulus, and Donald Trump’s willingness to reject the voting results. It looks like an attempt to give out desirable for valid. According to TD securities, there should not be any concerns about challenging the voting results, which has pushed the risky assets up and weakened the US dollar. DZ Bank believes that the greenback is falling because the voting results were reported earlier than some had expected. I do not think the above arguments to be strong. I suppose traders are following their hearts. They invest the capitals in the securities as they worry not to miss the uptrend, which sends the S&P 500 up, fuels global risk appetite, and weakens the US dollar against a basket of currencies.
Dynamics of world's currencies versus the US dollar
Source: Financial Times How long can it be going on? It depends. People in love are passionate during different periods. However, common sense should win sooner or later. The USA performs better than the euro area at the current stage of the economic cycle. The Fed is not willing to boost the monetary stimulus while the ECB tends to increase the current QE pace. According to Bloomberg’s leading indicators, the largest euro-area economies face a deeper drawdown in the PMIs because of the new lockdowns. The euro-area bond yields fall, which signals that the markets expect the ECB to take active measures in December.
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