FxWirePro: USD/CNY rebounds from 1 -week low as soft China data pressures yuan - EconoTimes


FxWirePro:  USD/CNY rebounds from 1 -week low as soft China data pressures yuan - EconoTimes

* USD/CNY rebounded from one week low on Monday as China's yuan weakened following soft Chinese economic data.

* Industrial output grew 6.1% year-on-year in April, according to National Bureau of Statistics (NBS) data released Monday. Although this slowed from March's 7.7% growth, it surpassed the forecasted 5.5% increase.

* Retail sales increased by 5.1% in April, down from 5.9% in March, falling short of the expected 5.5% growth. The unemployment rate dropped to 5.1% from 5.2% in March.

*. The data reinforced worries about the impact of ongoing U.S.-China trade tensions on China's domestic economy.

* At GMT 06:56, the dollar was up0.08% to 7.214 against the Chinese Yuan.

* Immediate resistance is located at 7.224(50%fib), any close above will push the pair towards 7.239(61.8%fib)

* Support is seen at 7.206(38.2%fib) and break below could take the pair towards 7.186 (23.6%fib).

Recommendation: Good to sell around 7.220 with stop loss of 7.250 and target price of 7.180

Previous articleNext article

POPULAR CATEGORY

corporate

12534

tech

11464

entertainment

15594

research

7231

misc

16434

wellness

12633

athletics

16531