The Japanese Currency Versus The Chinese Currency – Which One Would Come Out On Top?
Back at the end of the first day of October the yen claimed a total of 0.0758 Chinese yuan. One day later it finished the week off in good style by ending on 0.0763, and there was very little difference by the time we were one week further on through the calendar, as the figure by then was 0.0767.
So things were very gradually going in the favour of the yen rather than the yuan. But was it enough to mean the month would be good for them on the whole as well, or would there be more to the story than meets the eye at present? One thing is for sure – there would be plenty of alterations to the figures we would see on the currency calculator before the month was out.
This was proven by the fact that on the 12th October – the following Monday – the closing figure was down to 0.0757. Did this signal a change in what the overall pattern would prove to be?
The very next day it appeared that it didn’t because the rate went back up to 0.0762. But this was going to be one of those weeks where you didn’t really know what would happen until the very end. And as it turned out the final push went to the yuan, because the yen dropped back to 0.0748 at the close of play.
So that left us on the 19th of the month as things got underway again the following week. First blood went to Japan once again as they landed on 0.0750 at the end of the day, and they even reached 0.0754 by the middle of the week. But once again they were knocked back and finished up on a much lower 0.0743 by the time the week was out.
This pattern carried on throughout the rest of the month as well, never quite knowing what would happen from that point on. And the final figure we were left with was 0.0750, so in actual fact it was the Chinese yuan that managed to get the best of the deal for the whole month. There wasn’t a lot to choose between them but there was enough to make it worth watching overall.
We often notice that certain currencies seem to have very dramatic months followed by others that simply meander along with no real degree of drama. this perhaps fell into the second category this time around, but it was no less interesting to watch the results for all that.
So keep an eye on this currency pairing for the future, because you never quite know where they will go next.