With most of China on holiday as Golden Week is in full swing, offshore yuan is plunging tonight – back near yesterday’s mini-flash-crash lows…
Testing critical support levels above the cycle lows from August…
Obviously there has been no fix this week by the PBOC but one wonders, amid the dollar strength and panic-selling of UST bonds, if The National Team will step in to support the yuan’s slide, or is this another subtle message for President Trump?
And while yuan is tumbling, as a reminder, Golden Week has a very predictable pattern in the precious metals markets. Here is what it did in 2017…
Who could have seen this coming?
Are traders front-running it this year?
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