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China Markets Re-Open, Caixin PMIs On Tap

CNH

USD/CNH got sub 6.9100 post FOMC, before rebounding to 6.9300 as broader risk appetite waned. We settled back close to 6.9200 by the NY close and we currently track a little higher, last near 6.9220. The risk off tone evident in the equity/commodity space has weighed on CNH in the first part of trade today. China markets return from the Labor Day holiday period today as well.

  • The focus will be on how local assets perform after the break. Equity futures are pointing lower versus last Friday's close, which is in line with weaker HK/China related leads over recent sessions. Anecdotes of strong travel over the holiday period have been tempered by more modest spending outcomes (at least relative to pre Covid years).
  • The China Dragon index slipped further in Wednesday trade, down 0.24%, following Tuesday's 3.63% fall. Senate Majority Leader Chuck Schumer also announced a framework for a bipartisan China bill (see this link).
  • On the data front today, we have the Caixin PMIs for Apr. The manufacturing print is expected at 50.0, no change with Mar. The services PMI is expected at 57.2, versus 57.8 prior.
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