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The following is a summary of comments by Lukman Otunuga, a research analyst at FXTM Global Forex Broker FXTM:

Some market participants believe that the political uncertainty in Italy has prompted investors to hedge their risks and caused the emerging market currencies such as the renminbi to fall. The stronger US dollar and the atmosphere of market risk aversion are expected to further combat emerging market currencies, and the renminbi may continue to decline. From a technical point of view, if the bulls guard the psychological position of 6.40 yuan, the USD/RMB is expected to explore the short-term price of 6.43 yuan.
 

The financial market was filled with negative atmosphere. The political turmoil in Italy led to risk aversion. Investors renewed their concern over the disintegration of the euro area. Adding to this is the fact that Spanish Prime Minister Rajo Hoo will face parliament’s vote of no confidence on Friday.

Due to the political instability in Italy and Spain, the EUR/USD has fallen below 1.16 US dollars for the first time since November 2017. Uncertainty weakened the euro buying interest and it is expected that the euro will continue to decline. The previous support level of around 1.160 may turn into dynamic resistance, causing the exchange rate to fall to 1.145.


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