China’s NBS: November inflation data influenced by higher temperatures and a decline in travel demand
Source Fxstreet
China's National Bureau of Statistics (NBS) published a statement following the country’s inflation data.
Key takeaways
In November, policy measures boosted industrial demand, reversing the PPI's month-on-month decline and narrowing its year-on-year drop.
China's November CPI year-on-year increase hits a five-month low, PPI year-on-year decline smallest in three months.
In November, core CPI, excluding food and energy prices, continued to rise, with a 0.3% year-on-year increase, up by 0.1 percentage points from the previous month.
In November, influenced by higher temperatures and a decline in travel demand, the national CPI decreased month-on-month but saw a slight year-on-year increase.
Market reaction
AUD/USD is consolidating its renewed upside near 0.6400, little affected by Chinese inflation data. The pair is up 0.19% on the day, as of writing.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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China's factories are pricing in 5.7%. Its shoppers are pricing in 0.7%.China's October PPI rose 5.7% year on year, the fastest since June 2022, while CPI slowed to 0.7% and core CPI to 0.8%. Input prices rose faster than factory-gate prices, squeezing mid-stream margins by roughly five percentage points. The Hang Seng fell 0.13% on a day the S&P 500 rose 2.35%, the only major market to sit out the risk-on session.
China's October PPI rose 5.7% year on year, the fastest since June 2022, while CPI slowed to 0.7% and core CPI to 0.8%. Input prices rose faster than factory-gate prices, squeezing mid-stream margins by roughly five percentage points. The Hang Seng fell 0.13% on a day the S&P 500 rose 2.35%, the only major market to sit out the risk-on session.
Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 11, 2026. Read on for the details.
Bitcoin lost its 200-day average — but the exit started three sessions before the CPIBitcoin fell 2.5% to about $73,400 on 11 November, an 11-week low, breaking its 200-day moving average near $73,100. The 24-hour liquidation tally reached $632 to $705 million, roughly 82% of it longs. But spot ETF outflows began three sessions earlier and USDT's market cap has shrunk $6.6 billion in 60 days — the leveraged length left before the inflation print did. A double top at 81,890 and 81,080 leaves a measured target of 69,366.
Bitcoin fell 2.5% to about $73,400 on 11 November, an 11-week low, breaking its 200-day moving average near $73,100. The 24-hour liquidation tally reached $632 to $705 million, roughly 82% of it longs. But spot ETF outflows began three sessions earlier and USDT's market cap has shrunk $6.6 billion in 60 days — the leveraged length left before the inflation print did. A double top at 81,890 and 81,080 leaves a measured target of 69,366.
On November 12, gold prices (XAUUSD) extended their recent losses, falling further below $4,000 in early Asian trading to hit an intraday low near $3,968, marking a third consecutive day
Gold closed below $4,000 again — the ETF crowd and central banks stayed, the momentum money leftSpot gold is trading near $3,999, its third consecutive lower daily low, after a 5.00% 10-year yield and a 102.85 dollar index raised the odds of a December hike to 87%. But the selling is not coming from the strategic holders: managed-money net longs fell to 324 tonnes, a 21-week low, and Goldman Sachs attributes roughly 95% of five weeks of selling to non-reportable positions. ETFs still hold a record 4,256 tonnes and central banks bought 321 tonnes in Q3. The table below sets the triggers, directions and levels.
Spot gold is trading near $3,999, its third consecutive lower daily low, after a 5.00% 10-year yield and a 102.85 dollar index raised the odds of a December hike to 87%. But the selling is not coming from the strategic holders: managed-money net longs fell to 324 tonnes, a 21-week low, and Goldman Sachs attributes roughly 95% of five weeks of selling to non-reportable positions. ETFs still hold a record 4,256 tonnes and central banks bought 321 tonnes in Q3. The table below sets the triggers, directions and levels.
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