Chinese Yuan Drops Against Dollar And Euro

During early deals on Friday, the Chinese yuan traded lower against the currencies of US and Europe. The Chinese yuan dropped against the European single currency in early trading on Friday and hit a low of 10.0947 at 1:05 am ET.

The immediate support for the Chinese yuan is seen around the 10.11 level. The euro-yuan pair closed Thursday's New York session at 10.0449.

In early trading on Friday, the Chinese currency edged down against the US dollar. At about 12:40 am ET, the yuan touched a low of 6.8427 per dollar, compared to Thursday's North American session close of 6.8301. The next downside target level for the yuan is seen around 6.86.

The People's Bank of China has set today's central parity rate of the euro-yuan and the dollar-yuan pairs at 10.0522 and 6.8345, respectively.

Investors now look forward to the Italian retail sales and CPI, Euro-zone unemployment rate, CPI, business and consumer confidence reports, which are expected to drive deals in the upcoming hours.

Turning to the US, the PCE deflator, personal income and spending, Chicago PMI and the University of Michigan's consumer confidence report are scheduled for release. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved