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CNH Remains Under Pressure Post-Growth Targets

CNH
  • China's more conservative growth targets outlined at the NPC meeting continue to work against the CNH so far Monday, with the USD/CNH intraday high just shy of 6.94.
  • Markets seem to be finding resistance ahead of the 61.8% retracement for last week's leg lower, crossing at 6.9415. Progress through there opens more the more medium-term level at the 6.9815 100-dma - a level that successfully contained prices at the end of February.
  • China trade data takes focus Tuesday, with the trade surplus expected to slip to $82.5bln from $100bln in January - another possible factor behind the government's more modest targets for this year.
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