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Xi Congratulates Biden On Election Win

CNH

Spot USD/CNH had a look under yesterday's low, but has climbed back towards neutral levels and last trades flat at CNH6.5633. The PBoC set its central USD/CNY mid-point at CNY6.5780 vs. BBG est. of CNY6.5776, providing little to no impetus.

  • Chinese Pres Xi congratulated Joe Biden for winning the U.S. presidential election, expressing hope that the two countries will "manage differences".
  • A fall through Nov 18 low of CNH6.5321 would expose trendline support/round figure at CNH6.5057/00. Bulls look to take out Nov 24 high of CNH6.5971, before targeting Nov 12 high of CNH6.6349.
  • China's industrial profits hit the wires tomorrow.
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