The renminbi continues to depreciate!
At the end of April, after the rapid appreciation of the RMB exchange rate, it has recently gone out of the continuous depreciation market, with the lowest depreciation to 7.2434, and the depreciation during the period was close to 800 points!
In fact, in 2024, the RMB exchange rate has been in a state of depreciation, and the depreciation during the period is not large, which can only be said to be within the right range, compared with other Asia-Pacific currencies, the trend is relatively strong!
The reason for the recent depreciation of the RMB exchange rate is mainly due to the influence of external factors, especially the trend of the US dollar index, after all, the US dollar index is strong, which will suppress the RMB exchange rate to a certain extent!
Previously affected by hawkish signals, the US dollar came out of a small rebound last week, but don't worry too much, the short-term RMB exchange rate may be suppressed, but in the long run, it is still expected to come out of the appreciation rebound market!
After all, the Fed's interest rate hike has come to an end, and some of the previous economic data from the United States also means that the labor market is weak, such as the cooling of non-farm data, etc.!
Therefore, the market expects the Fed's interest rate cut to heat up again, as long as the Fed cuts interest rates and the economy gradually improves, then the RMB will strengthen again, and foreign capital will continue to flow back, supporting the market to continue to rebound!
Important after-hours news:
1. Peripheral market: The three major U.S. stock indexes collectively strengthened at the opening, among them, the U.S. stock market and Chinese concept stocks collectively strengthened, the Nasdaq Golden Dragon Index rose by more than 3%, Tesla rose by more than 3%, Apple rose by more than 1%, and Kingsoft Cloud rose by more than 10%; Game Station rose by more than 50%;
2. On the news side, because of the Jin Tongling financial fraud case, Dahua was suspended from business in the village for 6 months, and many A-share companies have recently canceled their cooperation with it, including Gan & Lee Pharmaceutical, Guoxin Energy, *ST Huichen, Songyang Resources, etc
3. Zhengdan shares: The stock will resume trading from the opening of the market on May 14, 2024, and the company's stock price has risen by more than 400% since April 9;
Stock Market Movements:
Judging from the trend of the secondary market, the three major indexes of A-shares have been adjusted across the board, among them, the Shanghai Composite Index fell nearly 1% intraday, and the ChiNext Index fell by more than 1%!
Will the market continue to adjust in the future? Let me tell you what I think.
Today's market adjustment is expected, first of all, the impact of the weekend news, as well as the technical side also has the need for adjustment.
After all, the previous continuous rebound did not increase the volume, and the intraday fell below the 5-day line, which means that the index is weak and needs to be adjusted!
Next, the index has the possibility of continuing to adjust, tomorrow the main focus is on the support level below 3123 points to 3126 points, if the index fills the gap and falls below the 10-day line, then it is necessary to pay attention to the short-term wave of adjustment market;
But the magnitude of the adjustment is not too big, the support below the index is still more, especially the 60-week moving average, that is, 3111 points, the previous breakthrough is also to step back to confirm, as long as 3114 points are not broken, it is still expected to continue to strengthen!
There is also a callback demand on the gem side, and the support below is seen near 1435 points at the gap, as long as this position is not broken, it is possible to stabilize again and get out of the rebound market again!