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November Activity Prints On Tap, Key Economic Meeting To Go Ahead Today

CNH

USD/CNH currently sits just above 6.9500, although the market bias is to fade upticks. A break below 6.9400 would target the Dec 5 lows around 6.9300. The market faded the USD/CNH bounce above 6.9650 post the FOMC, a trend evident elsewhere in the majors. CNH gained 0.3% for Wednesday's session, in line with broader USD indices.

  • The focus today will be with November monthly activity prints, where the market has downbeat expectations (see this link). The 1yr MLF rate is also due, but no change is expected (2.75% currently).
  • It was also reported late yesterday that the Central Economic Work Conference meeting will kick off today. Headlines crossed earlier in the week that this meeting would be delayed due to the Covid outbreak currently unfolding in Beijing.
  • Headlines from this, particularly around growth targets next year will be eyed. Such developments could overshadow the November activity prints.
  • The China Dragon Index rose by 0.50% overnight, despite reports the US will add more than 30 firms to the trade blacklist. Reuters noted though some firms will be removed from this list after US site visits.
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