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Forex

Yuan Stuck in Neutral as Oil Prices Surge Amid Middle East Tensions

Guavy AI Editorial Team
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USD
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The Chinese yuan traded in a narrow range against the US dollar on Friday as investors reacted to renewed concerns over hostilities in the Middle East and rising oil prices.

The dollar gained strength after US President Donald Trump threatened 'major military punishment' for Iran and its Houthi allies, causing Treasury yields to rise.

This surge in oil prices has led markets to price in a potential US rate hike, supporting the dollar and slowing the yuan's appreciation.

The yuan was roughly flat at 6.7753 to the dollar as of 0241 GMT, with a trading range of 6.7736 to 6.7767.

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