Free Trial

Caixin Manufacturing PMI Miss Slows CNH Gains

CNH

The Caixin manufacturing PMI miss (coming in at 49.5, versus 50.0 expected and 50.0 prior) has cooled the CNH rally. USD/CNH got under 6.9000, (low of 6.8994), but we now sit back at 6.9050/60. CNH had been enjoying a softer USD backdrop, while onshore USD/CNY has moved back sub 6.9000 in early trade.

  • The miss was in line with official manufacturing PMI from the weekend, which also slipped into contractionary territory (49.2, from 51.9). These outcomes will raise concerns over the strength of the recovery.
  • In the equity space, China markets have re-opened lower, but some offset is coming from a rebound in Hong Kong shares, led by the tech sub index.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.