Renminbi Pegs to USD Midpoint at 7.1467, Down 48 Points! CITIC: The Space for USD's Subsequent Decline Has Shrunk, Volatility May Have a Lower Run

July 28th, the renminbi pegged to USD midpoint at 7.1467, down 48 points.

CITIC: The volatility of USD may have a lower run

This week, the market will continue to focus on the latest developments regarding trade talks, with progress being made smoothly by major economies including the US and EU, which is beneficial for further selling off USD; however, under the background of good economic data, we believe that the Federal Reserve may release some cautious information at its next meeting, which could provide certain support to USD. The Bank of Canada and the Bank of Japan are likely to keep interest rates unchanged this week, making it difficult to drive market trends. In terms of economic data, the latest non-farm data for July in the US may become a focal point for the market, which could be a key indicator for whether the Federal Reserve can cut interest rates in September; overall, USD's subsequent decline space has shrunk, and volatility may have a lower run.

Source: Sina News