Tuesday , August 20 2019
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Deutsche Bank’s lucky number 7

Summary:
If you follow FX markets closely, here's a story you've read before: investment bank analysts are calling for the Chinese renminbi, or yuan, to break the “crucial” 7 mark versus the dollar. This time it's Deutsche Bank taking a hop, skip and a jump down a path which has ruined many a market wizard over the past half decade.A little background first. Rmb7.0 per dollar has long embodied an important psychological level for investors, given the last time the currency weakened past this point in 2008, the global economy was weathering the worst financial crisis since the Great Depression.Deutsche's call also takes us back to the winter months of 2015, when fears of a China slowdown roiled global markets following a sharp devaluation over the summer. Readers may have forgotten the infamous

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If you follow FX markets closely, here's a story you've read before: investment bank analysts...

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