TrendsWide
Contact US
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
No Result
View All Result
Home Economie

USD/CNY forecast after strong China retail sales data

by souhaib
November 15, 2021
in Economie
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


The USD/CNY pair is hovering near the lowest level since June as investors reflected on the relatively strong China economic data. It is trading at 6.3800, which is about 2.1% below the highest level in July this year.

China retail sales

The Chinese economy is going through a rough patch as the country continues battling the new Covid-19 wave. 


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

The country has seen more cases recently while the government has insisted on the zero Covid policy. This involves large scale lockdowns. Indeed, the country’s Covid czar emphasised that the government will maintain the policy in the coming months.

Meanwhile, China is facing tough challenges as energy prices soar. In the past few months, coal and natural gas prices have jumped substantially. As a result, the government has at times asked the private sector to limit its work during peak hours.

Still, data published by the National Bureau of Statistics show that the country’s economy is doing relatively well. For example, China’s retail sales bounced back by 4.9% in October. This was a better performance than the median estimate of 3.5%. It was also a relatively worse performance than the previous 4.4%.

Meanwhile, data showed that the country’s industrial production rose by 3.5% in October. This was also better than the median estimate of 3.0% and the previous 3.1%. 

The USD/CNY pair also declined after the relatively strong China unemployment rate data. The country has an unemployment rate of 4.9%. Additional data showed that the country’s fixed-asset investments declined from 7.3% in September to 6.1% in October.

The USD/CNY has dropped at a time when the US dollar index is hovering near its highest level in months. This rally has happened even as worries of stagflation remain.

USD/CNY technical analysis

USD/CNY

The daily chart shows that the USD/CNY pair has been under intense pressure in the past few weeks. The pair has dropped by more than 2% from June. As a result, it has moved below the 25-day and 50-day moving averages. It is also approaching the key support level at 6.355, which was the lowest level this year. 

Therefore, the pair will likely have a major bearish breakout in the coming days. This will however depend on China’s central bank overall fixing rate.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,

eToro






10/10

67% of retail CFD accounts lose money



Source link

You might also like

‘momentum is continuing into 2022’

Astra Space stock closed down 20% on Monday: here’s why

Ripple, Dogecoin, Litecoin price forecast for February 2022

Share this:

  • Twitter
  • Facebook
  • More
  • Pinterest
  • Telegram
  • Email
Share30Tweet19
Previous Post

VTech LS6425-3 DECT 6.0 Expandable Cordless Phone with Answering System and Caller ID/Call Waiting, Silver with 3 Handsets Discount

Next Post

Meat Slicer, Anescra 200W Electric Deli Food Slicer with Two Removable 7.5’’ Stainless Steel Blades and Food Carriage, Child Lock Protection, 0-15mm Adjustable Thickness Food Slicer Machine- Silver Discount

souhaib

Recommended For You

‘momentum is continuing into 2022’

by souhaib
February 7, 2022
0

Shares of Chegg Inc (NYSE: CHGG) are up 10% in extended trading on Monday after the student services company said it performed better-than-expected in Q4, despite COVID-19 uncertainty....

Read more

Astra Space stock closed down 20% on Monday: here’s why

by souhaib
February 7, 2022
0

Read more

Ripple, Dogecoin, Litecoin price forecast for February 2022

by souhaib
February 7, 2022
0

The cryptocurrency market is advancing this Monday, and this situation also supports the price of Ripple XRP/USD, Dogecoin DOGE/USD, and Litecoin LTC/USD. Bitcoin is trading above the $44,000...

Read more

Analyst: ‘Apple would be forced into it if Amazon goes after Peloton’

by souhaib
February 7, 2022
0

Read more

Should I buy Uber shares in February 2022?

by souhaib
February 7, 2022
0

Uber Technologies, Inc. (NYSE: UBER) will announce fourth-quarter earnings results this Wednesday, February 09, after the market closes. Uber shares have weakened more than 10% since the beginning...

Read more
Next Post

Meat Slicer, Anescra 200W Electric Deli Food Slicer with Two Removable 7.5’’ Stainless Steel Blades and Food Carriage, Child Lock Protection, 0-15mm Adjustable Thickness Food Slicer Machine- Silver Discount

No Result
View All Result

Recent Posts

  • Sweden and Finland prepare to apply to join NATO | News reports
  • The US warns of the tricks of coyotes
  • Elise Stefanik Denies Promoting ‘Great Replacement,’ But Amps Up Rhetoric Anyway
  • Europe’s leaders fall out of key on Ukraine – POLITICO
  • Big cross-border tunnel is found linking Tijuana, San Diego

Browse by Category

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Pages

  • Contact US
  • Newsletter
  • Privacy Policy
  • Terms & Conditions

© 2021 - TrendsWide

No Result
View All Result
  • Home
  • Contact US
  • Privacy Policy
  • Trending
  • U.S.
  • Economie
  • Deals
  • Reviews
  • Cryptocurrency
  • Health
  • Life Style
  • NBA

© 2021 - TrendsWide

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.