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PBoC sets yuan at weakest fix since 2011

Monday, Dec 14 2015
There were no major data releases from Australia this morning. Market sentiment appeared cautious on Friday after traders witnessed the yuan fall to a more than four-and-a-half-year low against the US, raising fears of further fund outflows from the region. Having suffered its largest one-day percentage decline in over a month on on Friday, falling 1.28%, the Australian dollar has found its footing in early Asian trade on Monday, buoyed by stronger-than-expected Chinese economic data released over the weekend and a touch of short covering from investors. 
 PBOC set yuan mid-point at 6.4495 vs 6.4358 prior earlier this morning  .Friday's trading close was 6.4553 so the weaker fix is no surprise. The fixing is a bit stronger than the close but there's nothing here to prevent USD/CNH from rising to the top of the band again today. The Chinese currency is in focus because of the introduction of two new yuan indexes on Friday that are designed to measure it against a broader basket rather than just against the US dollar.
 
Saturday’s reports showed industrial output climbed 6.2% in November from a year earlier, compared with a 5.7% median estimate of economists. Retail sales gained 11.2% for the best reading of 2015, while fixed-asset investment increased 10.2% in the first 11 months of the year.
 
Aussie is currently being traded around 0.72 area. Pair is likely to find support around 0.7150 handle and resistance above 0.7250 level. There will be no major data releases later today.
More in this category: « USD - Major events in the week ahead Sterling lower at the beginning of European part of the session »

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