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Free AccessLoses Ground Early, As Market Digests First Part Of The NPC
(MNI Australia) USD/CNH is slightly firmer in the first part of trade. The pair tracking back above the 6.9100 level. This is about 0.25% weaker, in CNH terms, relative to Friday's closing levels (close to 6.8950). The simple 200-day MA sits close by at 6.9160. Weakness in the pair sub 6.9000 hasn't proven sustainable in the near term.
- Some disappointment at the conservative growth target of 'around 5%' announced yesterday at the NPC is driving some USD support in the first part of trading.
- China growth could, of course, be firmer this year than the target, but there may be some disappointment that a more ambitious target was not set, and it may also signify no further major stimulus measures, which could disappoint equity investors and have a flow on effect to CNH.
- Elsewhere, US-China tensions continue with the Biden administration reportedly preparing a new program that could limit US investment in certain sectors of the China economy (per the WSJ). This comes after the US administration added more China entities to the export ban list late last week.
- The local data calendar is quiet until tomorrow, when trade figures are out for February.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.