Chinese Yuan Eyes Economic Data as USD/CNH Surges

 

APAC, MARKET SENTIMENT, CHINESE DATA, USD/CNH, CHINESE YUAN, and TECHNICAL OUTLOOK – TALKING POINTS
  • After US stock indexes decline, risk-off trading is expected in the Asia-Pacific region.
  • The August economic statistics for China will be released when the USD/CNH increases.
  • After breaking beyond the crucial 7 barrier, the USD/CNH upswing may continue.

As a result of the market attitude deteriorating overnight during New York trade, a risk-off opening for Asia-Pacific trading is imminent. US market indices declined as conflicting economic data had no effect on wagers on a rate rise by the Federal Reserve. The odds of a 100-basis point rate increase at the FOMC policy statement next week are 22.1%, according to Fed funds futures. The benchmark S&P 500 fell 1.13% to settle at its lowest point since mid-July. In Friday, options worth slightly more than $3 trillion are scheduled to expire on US equities markets.

In April 2020, gold reached its lowest point since then. US retail sales for August outperformed expectations, up 0.3% from the previous month. Data on first unemployment claims indicated that greater rates are being experienced by the labor market. Throughout the day, selling pressure on Treasuries increased. Real yield that is sensitive to gold increased, with the 10-year rate rising beyond 1%. Bullion suffered as a result, falling below a necessary level of support. Prior to the data, the yellow was already in a precarious position. If FOMC bets get even more aggressive, gold and silver are likely to see significant decline.

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