Pacific Currencies – Summary
USD/CNY crossed above 7.000 last week, but is still remaining close to this symbolic line. Currently, the pair is trading at 7.010, up 0.05% on the day. On Friday, China released the CB Leading Index, which is a useful indicator for tracking export orders and loan levels. In November, the index gained 1.5%, up from 1.3% in the October release. With China and the U.S. reaching a limited trade deal, we could see the index post a stronger gain next month.
AUD/USD posted a winning week for the third straight time. Currently, the pair is trading at 0.6909, up 0.05% on the day. In economic news, private sector credit remains at low levels. The indicator produced a gain of 0.1% in October, identical to the previous release. This missed the forecast of 0.2%.
NZD/USD stayed close to the 0.66 line last week and this trend is likely to continue in the upcoming week, which has a light economic calendar. Currently, the pair is trading at 0.6607, up 0.08% on the day.