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 the weak China Q3 GDP data

by souhaib
October 18, 2021
in Economie
0
USD/CNY forecast after the weak China Q3 GDP data
74
SHARES
1.2k
VIEWS
Share on FacebookShare on TwitterShare on Reddit
ADVERTISEMENT


The USD/CNY pair rose sharply after the relatively weak China GDP data. The pair rose to a high of 6.4385, which was about 0.25% higher than the lowest level last week. 

China GDP data

The Chinese economy had a rough third quarter as the global supply chain challenge continued. Data compiled by the country’s statistics agency showed that the economy rose by 0.2% in the third quarter after expanding by 1.2% in Q2. This drop was worse than the median estimate of 0.5%. 


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

Sign-up for the Invezz newsletter, today.

The country’s economy expanded by 4.9% on a year-on-year basis, a sharp decline from the previous expansion of 7.9%. Analysts were expecting the data to show that the economy grew by 5.2%. 

All sectors of the Chinese economy lagged. For example, fixed asset investments grew by just 7.3%, which was lower than the previous 8.9%. 

This trend will likely continue after the collapse of Evergrande, the country’s second-biggest real estate company. Its collapse risks bringing down the property market, which is one of the most important areas of the economy.

Meanwhile, industrial production declined from 5.3% in August to 3.1% in September. This decline was lower than the expected 4.5%. On a positive side, retail sales rose by 4.4% in September while the unemployment rate declined from 5.1% to 4.9%.

The USD/CNY rose because analysts expect that China’s economy will continue struggling in the near term. For one, the country’s real estate sector, which has been its engine for growth, has started weakening. Also, the ongoing supply challenges will affect the flow of goods to and from China.

China is also experiencing an energy crisis because of the prices of coal and natural gas. The crisis has seen some provinces order their factories to slow production.

USD/CNY forecast

USD/CNY

The USD/CNY pair has been under pressure in the past few weeks. The pair has dropped from 6.5150 in July to 6.4377. On the daily chart, it has moved below the 25-day moving average while the MACD has been in a downward trend. Therefore, the pair will likely keep falling as bears target the year-to-date low of 6.3580. It is worth noting that the Chinese yuan is highly managed by the PBOC, which can affect its performance.

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

Share30Tweet19Share
Previous Post

Friendly Fire Against Joe Biden | International

Next Post

6 mistakes to avoid in the first interview with the groom’s family .. “Arguing and arriving late”

souhaib

Recommended For You

‘momentum is continuing into 2022’

by souhaib
February 7, 2022
0
‘momentum is continuing into 2022’

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

Read more

Ripple, Dogecoin, Litecoin price forecast for February 2022

by souhaib
February 7, 2022
0
Ripple, Dogecoin, Litecoin price forecast for February 2022

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

Read more

Should I buy Uber shares in February 2022?

by souhaib
February 7, 2022
0
Should I buy Uber shares in February 2022?

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
6 mistakes to avoid in the first interview with the groom’s family .. “Arguing and arriving late”

6 mistakes to avoid in the first interview with the groom's family .. "Arguing and arriving late"

No Result
View All Result

Recent Posts

  • NBA: Chris Paul ‘to become a free agent as the Phoenix Suns waive future Hall of Famer’
  • Pedro Pascal recounts his family’s tough immigration story
  • Watch: Kilauea Volcano Erupts on Hawaii’s Big Island
  • GameStop Just Fired Its CEO and Canceled Its Earnings Call.
  • Bank of America Travel Rewards Credit Card for Students Review 2023

Browse by Category

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

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Entertainment
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Politics
  • 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