On Wednesday, the People’s Bank of China (PBOC) changed the yuan’s official midpoint to 7.0312 against the dollar, exceeding Tuesday’s fixing and any predictions made. The Chinese central bank has had previously changed the midpoint lower than the 7-yuan-per-dollar, making this fixing the 5th time. Reuters had predicted that the new allocated midpoint would be 7.0502 per dollar. Onshore yuan was traded at 7.0236 whereas the offshore yuan at 7.0397 per dollar.
 
The GBP/USD failed to improve after former Chancellor of the Exchequer Phillip Hammond claimed that a no-deal Brexit would be a ‘betrayal.’ The cable was last traded at around 1.2050. Moreover, the information released about the average earnings and claimant count change as well as the unemployment rate suddenly rising continued to pressure the pair. 

Later today, the German Preliminary GDP data for Q2 will be published, and a slight narrowing of 0.1 QoQ is expected. Furthermore, the AUD/USD pair is being traded at the 0.6800 handle, remaining unchanged. The Australian Wage Price index crossed the Forex Forecast in Q2 QoQ . 

USD/JPY also saw small improvements as it reaches the 106.30 handle. However, problems in Hong Kong and the escalating trade war issues are keeping the pair from progressing.