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USD/CNH price action was still near the 6.7400 price level, as PBOC stayed its interest rate at 3.7 percent. The pair price action is becoming more active, and this is because the dollar Index is currently above 103.00. Recently, the dollar Index dipped to 102.66, which: had a significant effect on the USD.
The annual CPI (Consumer Price Index) for China rose to 2.1 percent last month. This CPI is higher than the forecasted 1.8 percent and previous 1.5 percent. With China being the largest importer of oil, the rising oil price has increased energy costs for households. Since households are now spending more on the energy it is logical to assume that the country’s economy will be affected. Generally, the global rise in oil prices has increased China’s fiscal deficit.
More on the USD/CNH Price Actuators
Besides the rising oil prices, the upbeat in Coronavirus cases in China’s major cities (Beijing and Shanghai) has affected demands. Following a critical examination of demands and inflation in the country, the PBOC stayed the interest rate at 3.7 percent. Nevertheless, the PBOC reduced the 5 years interest rate reduced by 15 bps (basis points). Currently, the 5 years interest rate remains at 4.45 percent as against the previous 4.66 percent. And, these are important factors affecting the USD/CNH price action.
Meanwhile, the DXY is making a significant recovery which might push it towards the important resistance level of 103.20. The dollar Index is securely positioned beyond the 103.00 level despite the underperformance of the Initial Jobless Claims. The weekly Initial Jobless claims rolled in at 218,000 which is higher than the previous 200,000.
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