100-Day MA Resistance Within Sight, Trade Figures On Tap

CNH finished Monday's session around 0.80% weaker. There was resistance in USD/CNH just above the 6.9500 level late in NY trade, with the pair currently close to these levels. The China currency underperformed the majors, with the NEER (J.P. Morgan Index) back to 125.20/25, off by 0.65% for yesterday's session.

• For USD/CNH, note the simple 100-day MA comes in at 6.9816. We couldn't breach that resistance point during the Feb upswing in the pair, so this level will be watched on any further topside moves. 2023 highs also sit close to 6.9900. On the downside the 200-day MA comes just under 6.9200.
• Today we have Jan-Feb trade data. The market expects export and import growth to print negative, although note we only get YTD y/y numbers. Official rhetoric has continued to speak of weak external conditions, although last week's PMI data showed an improved new export order backdrop. See this link for more details.
• Elsewhere the focus will remain on China's NPC. President Xi stressed the importance of the private sector on Monday, particularly in terms of strengthening innovation and establishing tech independence (see this link for more details).
• Finally, the CME announced in will launch options on USD/CNY futures in April (see this link for more details).