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Australian Dollar Steady as Yuan Wobbles after Chinese CPI and PPI Cools. Lower AUD/USD?
The Australian Dollar held onto recent gains while the Chinese Yuan softened after inflation data from China was not as strong as market forecasts. USD/CNH headed over 7.2500 after year-on-year Chinese CPI to the end of October came in lower than expected at 2.1%, instead of 2.4% and 2.8% previously. PPI over the same period saw a similar result, printing at -1.3% rather than -1.5% anticipated and 0.9% prior. The subdued price pressures might allow for stimulus measures from Chinese authorities. Today’s inflation data comes on the back of Monday’s disappointing trade balance for October. It came in with a surplus ... (full story)