8 Dec 2014
USD/CNY gains as Chinese export growth slowed
FXStreet (Mumbai) - The Chinese Yuan weakened against the US dollar after the official data in China showed a slowdown in export growth in November.
The USD/CNY pair traded 0.37% higher at 6.1730 levels at the time of writing compared to the previous session’s close of 6.1502 levels. The Yuan has weakened steadily against the US dollar since the People’s Bank of China (PBoC) cut the interest rates on November 21. The losses were extended sharply after the official data in China showed export growth slowed to 4.7% in November from a year earlier. Meanwhile, the data also showed imports collapsed 6.7%.
The Yuan is also under pressure on speculation that policymakers in China are poised to cut its GDP target for the first time in three years and increase stimulus during their conference this week.
USD/CNY Technical Levels
The pair has an immediate resistance at 6.1770, above which gains could be extended to 6.1965 levels. Meanwhile, support is seen at 6.1718 and 6.1540 levels.
The USD/CNY pair traded 0.37% higher at 6.1730 levels at the time of writing compared to the previous session’s close of 6.1502 levels. The Yuan has weakened steadily against the US dollar since the People’s Bank of China (PBoC) cut the interest rates on November 21. The losses were extended sharply after the official data in China showed export growth slowed to 4.7% in November from a year earlier. Meanwhile, the data also showed imports collapsed 6.7%.
The Yuan is also under pressure on speculation that policymakers in China are poised to cut its GDP target for the first time in three years and increase stimulus during their conference this week.
USD/CNY Technical Levels
The pair has an immediate resistance at 6.1770, above which gains could be extended to 6.1965 levels. Meanwhile, support is seen at 6.1718 and 6.1540 levels.