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Consolidation Mode But Remains Bearish


Fails To Hold Onto Thursday’s High


'Big Tech' Bill Goes To Senate


Oil Up For Fifth Week On Supply Disruption, Geopolitics

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Spot USD/CNH has edged lower after the publication of domestic inflation data, albeit there was virtually no market reaction in the immediate wake of the release. The continued dissipation of Omicron worry may have applied some steady pressure to the pair. The rate last sits -30 pips at CNH6.3429.

  • Yesterday's multi-year low of CNH6.3305 provides the initial layer of support, followed by mid-May 2018 low of CNH6.3198. Bulls look to a recovery of Dec 3 high of CNH6.3798.
  • China's CPI inflation accelerated to +2.3% Y/Y in November, the fastest pace since Aug 2020, but missed median estimate of +2.5%. Factory-gate inflation slowed from a 26-year high to +12.9% Y/Y, printing above consensus forecast of +12.1%.
  • U.S. House of Representatives passes a bill to restrict all imports from Xinjiang in another escalation of bilateral tensions. This came on top of comments from a senior U.S. security official, who called bolstering Taiwan's defence capabilities an "urgent task."