USD/CNH seeks support around 6.8800 as Chinese Retail Sales justify expectations – by Sagar_Dua24 USDCNY Fed RetailSales IndustrialProduction Inflation
S&P500 futures have registered marginal losses in the Asian session after truck-load gains on Tuesday.
The USD/CNH pair is gauging a cushion around 6.8800 as China’s National Bureau of Statistics has reported flat Retail Sales data. Thehas expanded by 3.5%, in line with the consensus and solid than the prior contraction of 1.8% on an annual basis. It looks like retail demand is recovering after the rollback of pandemic controls by the Chinese administration.
The US Dollar Index has failed in extending its recovery above 103.80 and has dropped again, portraying a capped upside amid the risk-appetite theme. A spree of United States inflation softening has trimmed the appeal for the USD Index dramatically. The USD Index looks vulnerable above 103.50 and soaring expectations for a less-hawkish monetary policy by the Federal Reserve would drag it further for fresh lows.
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