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Forex News: Commodity Currencies Appreciate On Solid China Data, PBOC

Commodity Currencies Appreciate On Solid China Data, PBOC Cash Injection

11/15/2021 - 07:16:00 (RTTNews)

(RTTNews) - The commodity currencies firmed against their major counterparts in the European session on Monday, as strong China data eased worries about an economic downturn and the People's Bank of China injected liquidity into the banking system through medium-term loans.

China retail sales and industrial output beat forecasts in October, signaling a steady recovery in the economy.

Data from the National Bureau of Statistics showed that industrial production was up 3.5 percent on year in October - exceeding estimates for 3.0 percent and up from 3.1 percent in September.

Retail sales jumped an annual 4.9 percent - again beating expectations for 3.5 percent and up from 4.4 percent in the previous month.

The PBOC injected 1 trillion yuan via one-year medium-term lending facility and kept the interest rate unchanged at 2.95 percent.

The process was a rollover of MLF loans worth 800 billion yuan maturing on Tuesday and 200 billion yuan due on November 30.

Investors focus on a virtual meeting between President Joe Biden and Chinese counterpart Xi Jinping to defuse tensions on the issues such as trade, human rights, Taiwan and cybersecurity.

The aussie rose to 5-day highs of 83.90 against the yen and 0.7368 against the greenback, off its prior lows of 83.41 and 0.7321, respectively. The next possible resistance for the aussie is seen around 86.00 against the yen and 0.75 against the greenback.

The aussie moved up to near a 2-week high 1.5536 against the euro, 10-day high of 1.0424 against the kiwi and a 6-day high of 0.9229 against the loonie, following its previous lows of 1.5626, 1.0390 and 0.9181, respectively. Next key resistance for the aussie is likely seen around 1.52 against the euro, 1.06 against the kiwi and 0.94 against the loonie.

After falling to 1.6272 against the euro, 0.7029 against the greenback and 80.11 against the yen in early trades, the kiwi touched a 6-day high of 1.6190, 4-day highs of 0.7071 and 80.55, respectively. The kiwi is seen finding resistance around 1.59 against the euro, 0.72 against the greenback and 82.00 against the yen.

The loonie rebounded from its prior lows of 1.2556 against the greenback, 1.4378 against the euro and 90.67 against the yen, gaining to 4-day highs of 1.2521, 1.4334 and 90.99, respectively. On the upside, 1.21, 1.42 and 92.00 are possibly seen as the next resistance levels for the loonie against the greenback, the euro and the yen, respectively.

Looking ahead, New York Fed's empire manufacturing survey for November, Canada manufacturing and wholesale sales for September are set for release in the New York session.

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