Friday, June 25, 2010
Phil Flynn: Pricing In Mediocrity
For example the Chinese allowed their currency, the yuan renimbi, to rise to what is called the highest level in the modern era. The Wall Street Journal reported that on the over the counter market, the dollar was at CNY6.7900 around 0930 GMT, down from Thursday's close of CNY6.7997. It traded between CNY6.7856 and NY6.7977. The low end of the range was below the previous modern-era intraday low of NY6.7958, set Monday. The yuan is up 0.53% this week. Yet not even what many thought would be a bullish move for oil has given us much play. In fact oil lost ground on the announcement.Now some say that is because the move by the Chinese was only a.....Read the entire article.
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