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​USD/CNH Higher, But Selling Interest Evident Ahead Of 7.00, Trade Figures Out Today

CNH

USD/CNH was range bound post the Asia close. There was resistance around the 7.00 handle but moves towards the low 6.9700 region were supported. The pair currently sits just above 6.9800, where we ended the NY session. CNH moved in line with broader USD sentiment, although the CNY NEER fell slightly for Tuesday's session.

  • Today the data calendar delivers trade figures for November. Export and Import growth (in USD terms) is expected to slow further, with -3.9% y/y (-0.3% prior) expected for exports, -7.1% y/y (-0.7%) for imports. The trade surplus is expected to ease back to $78.05bn, from $85.15bn.
  • Also out is FX reserves for November, which are also expected to improve, $3110.50bn is the expectation, against $3052.4bn in October. Valuation effects are a likely key driver of the improvement.
  • The China Dragon index rose 1.32% overnight, after onshore equities continued to recover yesterday, albeit at a more tempered pace compared to Monday's session.
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