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Back Sub 7.3000 As PBoC Reaffirms FX Stability, Caixin PMI Out Today

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USD/CNH sits near 7.2960/65 in early Monday dealings, little changed. We remain sub recent highs of 7.3077. Onshore USD/CNY spot ended Friday's session at 7.2672, also a touch below recent highs but still supported on dips.

  • The yuan received some support on Friday as the PBoC reiterated that it will keep the currency at an equilibrium level and that it will prevent one-way flows. See this link for more details.
  • Over the weekend we had the official PMI prints for June, with manufacturing as forecast at 49.5, but services eased to 50.5, from 51.1 prior and 51.1 forecast. The Caixin manufacturing PMI prints today, the market focus is 51.5, versus 51.7 in May.
  • Housing market data improved in June, as major cities eased housing curbs. Bloomberg notes new homes were down 17% y/y in the month, versus a 34% decline in May, see this link for more details.
  • In the equity space, onshore markets finished June on a positive note, but the indices are only a touch above recent lows.
  • For USD/CNH we remain above the 20-day EMA, which is back close to 7.2800.
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USD/CNH sits near 7.2960/65 in early Monday dealings, little changed. We remain sub recent highs of 7.3077. Onshore USD/CNY spot ended Friday's session at 7.2672, also a touch below recent highs but still supported on dips.

  • The yuan received some support on Friday as the PBoC reiterated that it will keep the currency at an equilibrium level and that it will prevent one-way flows. See this link for more details.
  • Over the weekend we had the official PMI prints for June, with manufacturing as forecast at 49.5, but services eased to 50.5, from 51.1 prior and 51.1 forecast. The Caixin manufacturing PMI prints today, the market focus is 51.5, versus 51.7 in May.
  • Housing market data improved in June, as major cities eased housing curbs. Bloomberg notes new homes were down 17% y/y in the month, versus a 34% decline in May, see this link for more details.
  • In the equity space, onshore markets finished June on a positive note, but the indices are only a touch above recent lows.
  • For USD/CNH we remain above the 20-day EMA, which is back close to 7.2800.