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Yen, yuan and Australian Dollar. All you need to know about currencies today

Yen, yuan and Australian Dollar. All you need to know about currencies today

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Jim Anderson - Public Relations

The US dollar declines slightly against the yen on Wednesday after rising the day before, the Australian dollar is significantly cheaper against the US currency on the assumption that the Central Bank of Australia will follow the example of the New Zealand central bank and reduce the rate at the next meeting. Meanwhile, the Chinese yuan again declined against the dollar as the National Bank Of China (Chinese Central Bank) set the reference exchange rate at 6.9996 yuan per $1.

The Chinese national currency earlier this week reached a psychological mark of 7 yuan per $1, provoking criticism from US President Donald Trump against the Chinese Central Bank and worrying about the global market. The yuan is trading at 7.0439 yuan per $1, compared with 7.0264 per $1 on Tuesday.

The Australian dollar fell against the US dollar at 8:00 London time by 0,64% to $0.6718 against $0.6761 on the previous business day. At a certain point in trading, the Australian national currency fell to $0.6677, reaching a minimum, last recorded in 2009. The pressure on the Australian dollar was exerted by the decision of the Central Bank of New Zealand to reduce the key rate by 50 basis points – more significantly than analysts had expected. The regulator explained his decision by an attempt to prevent the consequences of a slowdown in the global economy.

The dollar against the yen at 8:11 London time fell by 0.2% to 106.26 yen compared to 106.47 yen at the close of the previous session. The euro against the yen also fell by 0.2% to 119.00 yen against 119.24 yen the day before. The value of the euro against the dollar grew to $1.1201 compared with $1.1199 following the session on Tuesday. The New Zealand dollar fell 1.84% against the US dollar to $0.6529 at the end of the previous trading day.