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Due to China's higher-than-expected inflation, the USD/CNH exchange rate falls below 6.95

Daniel Rogers

Dec 09, 2022 15:28

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During the Asian session, the USD/CNH pair broke below the narrow consolidation created near 6.9600. The downward pressure on the main currency is a result of the higher-than-anticipated release of China's inflation data and investors' increased risk appetite.

 

China's yearly Consumer Price Index (CPI) has hit 1.6%, which is greater than the projected 1.0% but less than the prior announcement of 2.1%. While the monthly figure indicates a 0.2% decline, the annual rate is up 0.4%. The yearly Producer Price Index (PPI) data has decreased by 1.3% compared to the consensus estimate of a 1.5% decline. The economists at TD Securities projected that the annual inflation rate would decline from 2.1% to 1.5%.

 

The People's Bank of China (PBOC) may be required to provide additional stimulus packages to stimulate the pace of economic activity, despite the fact that the release is greater than anticipated but in a phase of decline.

 

In the interim, the removal of Covid-19 restrictions will stimulate economic activity in China. Previously, the administration imposed limits on the movement of personnel, goods, and machines in an effort to prevent the spread of disease. Now, the reopening of the economy after domestic demonstrations will improve economic prospects.

 

As investors anticipate a delay in the Federal Reserve's interest rate hike, the US Dollar Index (DXY) has fallen dramatically to near 104.56. (Fed). In addition, markets have shrugged considerable uncertainties around the Fed's peak interest rate guidance.

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