Crypto Comeback Pro Trading Robot

USD/CNY Prediction as China’s Economy Kick-Starts Comeback

Briefly-

  • USD/CNY maintained continued uptrends for four consecutive days.
  • China’s imports, exports, and surplus were better than estimated.
  • The country boasts more stable inflation than other nations.

USD/CNY has enjoyed surges for four straight days following recent China’s inflation and data statistics. Meanwhile, the pair climbed towards the 6.6934 peaks, exploring the 2 June 2022 highest mark. The currency gains approximately 1% from this week’s lowest zone.

China Economy Recovery

China’s economy performs relatively better following the latest lockdowns. Custom agency’s Wednesday days indicated that the nation’s exports recorded a sharp surge in May, despite lockdowns. Exports soared to 16.9% from 3.9% Y/Y. The uptick surpassed the 8% median estimate.

Moreover, May saw China’s imports increase by 4.1%, better than the 2.0% median estimate. Such developments had the trade surplus expanding from April’s $51.12 billion to more than $78.76 billion.

USD/CNY responds to China’s inflation data. The nation’s statistics agency confirmed inflation dropped in May. The inflation plummeted from April’s 0.4% to May -0.2%. Moreover, Chinese inflation increased by 2.1 (year-on-year), which stayed lower than in nations such as the United Kingdom and the United States.

Meanwhile, other stats indicate China’s outstanding loan growth stretched in May. Outstanding loans climbed to 11% during May sessions from 10.9%. Furthermore, new loans nearly doubled to more than 1.89 trillion yuan from 645B yuan. That signals a healthy economy.

The United States inflation data remains a crucial USD/CNY catalyst in the up-and-coming action. Financial experts expect the stats to indicate United States inflation plunged to May’s 8.2% from April 8.3%, whereas core inflation dropped to 5.9% from 6.2%.

USD/CNY Prediction

USD-CNY secured a stable support barrier at 6.640, its lowest mark since 5 May. The pair has climbed above the 25- and 50-day MAs, whereas the ATR (Average True Range) moved marginally lower. Thus, USD/CNY has a higher chance for extended surges, with bulls targeting the critical resistance zone near 6.8. Any move beneath the reliable support floor of 6.50 will annul the bullish narrative.

What are your thoughts about the global financial markets? Feel free to share your opinions in the comment section below.

Previous Article
Next Article

Leave a Reply

Your email address will not be published.

Name Price24H (%)
Bitcoin (BTC)
$19,504.65
2.03%
Ethereum (ETH)
$1,076.84
1.19%
Tether (USDT)
$1.00
0.13%
XRP (XRP)
$0.320082
2.29%
Litecoin (LTC)
$50.73
1.28%

Start Trading

Best VPN Deal Of The Year

VPN

Recent Comments

    Disclaimer

    This website may have financial affiliations with some (not all) of the brands and companies mentioned on this website. The content you are viewing may be sponsored content. Information found on this website does not represent opinions on whether to buy, sell, or hold any investment assets or sign up with any of the services mentioned. Any disputes you may have with brands or companies mentioned on our blog will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Investors must do their own research before investing their money and only do so at their own risk.

    Don't Miss Crypto Comeback Pro!

    #1 Cryptocurrency Price Prediction Software and Trading Robot
    Sign Up

    Try Crypto Engine With a Trusted Broker