The Chinese yuan pared back against the US dollar, British pound and the Euro in the overnight session following a surprise announcement by Chinese officials.

The US dollar traded sharply lower against major counterparts, as a pronounced rebound in the global carry trade cut risk-sensitive dollar demand.

Currency technical analyst Jamie Saettele analyzes the Australian dollar against the Canadian dollar, Japanese yen, and New Zealand dollar.

The EUR/USD strucutre has confused Jamie Saettele somewhat.

The yen was once again the weakest major overnight with USD/JPY rising to a high of 119.40 by early London trade.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for August 8.

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As expected, the Fed left interest rates unchanged at 5.25 percent, but both the US dollar and the US stock market tanked on the back of the monetary policy statement.

The Reserve Bank of Australia is widely expected to raise their cash target by 25 basis points to a nearly 11-year high of 6.50 percent.

Even as the yuan pared back slightly against the US dollar and Euro in the overnight session, Shanghai stocks continued to advance.