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CNH Shrugs Off Solid China Data as Xi Meets Biden

FOREX
  • China data crossed overnight and proved generally better than expected. Retail sales came in firmer than forecast, while industrial production also tipped ahead of expectations. CNH was little changed, however, with focus resting instead of the Xi-Biden virtual summit due to kick off at the tail-end of the session. The two Presidents are expected to discuss responsibility, with the US seen urging that China play by the rules on the international stage. No deliverables or progress on trade are seen emerging from the summit.
  • Markets are little changed early Monday, with the greenback modestly on the backfoot, alongside the EUR and JPY in what's been a generally direction-less session so far.
  • Equity markets are trading generally well, with the e-mini S&P higher by around 10 points and nearing the alltime highs posted on Nov5 at 4711.75.
  • US Empire Manufacturing and Canadian manufacturing sales numbers are the Monday highlights, with a few speakers worth watching also: namely ECB's de Cos & de Guindos and BoE's Bailey, Pill, Mann and Saunders, who testify in front of Parliament.
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