Tuesday in Asia, the Chinese yuan rose to a 5-day high against the European currency. But the yuan showed weakness against the dollar and hit a 4-day low.
The Chinese yuan fell to a 4-day low of 6.8405 against the dollar during Asian deals on Tuesday. The next downside target level for the Chinese currency is seen at 6.844. The dollar-yuan pair closed Monday's New York deals at 6.8358.
In Asian trading on Tuesday, the Chinese yuan strengthened to a 5-day high of 9.1079 against the euro. This may be compared to Monday's close of 9.1655. If the Chinese currency advances further, it may likely target the 9.008 level.
The People's Bank of China has set today's central parity rate for the dollar-yuan pair at 6.8340 and the euro-yuan pair at 9.1224.
Investors are now likely to focus on the European session, in which the Italian February hourly wages and the Euro-Zone final fourth quarter GDP report are slated for release.
Across the Atlantic, the U.S. Federal Reserve is expected to release its monthly consumer credit report at 3 pm ET. Consumer credit for February is likely to show a decline of $1.5 billion.
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