Aussie, NZ Dollars Rise But Yuan Ignores Soft China Inflation Data
Want to trade with proprietary strategies developed by FXCM? CLICK HEREto find out how!
- China CPI for September 1.6% y/y vs. 1.7% y/y expected; 2.0% y/yprior
- China PPI for September -1.8% y/y vs. -1.6% y/y expected; -1.2% y/yprior
- Australian, New Zealand Dollars Rise But Yuan Ignores Soft Inflation Data
China’s Offshore Renminbi edged briefly lower against the US Dollar after CPI and PPI figures came in lower than expected. The Aussie and Kiwi Dollars climbed after the figures were released, seemingly reflecting China’s importance as Australia and New Zealand’s biggest trader partner.The two currencies climbed alongside Hong Kong’s Hang Seng Index stock benchmark, hinting at hopes that soft price growth readings would open the door for an expansion of stimulus measures.
USDCNH technical levels identified by DailyFX Currency Strategist Ilya Spivak see near term support at 6.1293 and resistance at 6.1624.
USDCNH 5min Chart – Created Using FXCM Marketscope
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.