The Chinese Yuan (CNY) continues to struggle, with the USD/CNY pair sticking above the 7.2600 level despite slipping lower on Wednesday, closing down
Chinese officials have stepped up their verbal defense of the Yuan recently, including a stronger domestic fix for the currency within China’s borders. Across the emerging market space, currencies continue to backslide against firmer currencies like the US Dollar .
A softening of the US economy would be a boon for EM economies as it would help bolster their export revenues, but higher-for-longer interestin the developed world threaten those same economies’ currencies as interest rate differentials continue to widen, making the importing of necessary goods into EM economies increasingly expensive.
Annualized Industrial Production in China is anticipated to print a step higher on Friday, with market forecasts broadly anticipating a showing of 3.9% for the year, compared to the previous showing of 3.7%. Retail Sales figures are expected to show an improvement for the same period, with market analysts expecting a print of 3% for the annualized period, up from the previous release’s 2.5%.
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