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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.
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Free AccessMNI China Daily Summary: Wednesday, December 11
Chinese Currency Rallies Further After PMI Surge
- USD weakness continues to pervade across G10, with USD/CNH moving in tandem as the Chinese currency extends the session's outperformance through the European open. USD/CNH pressuring 6.90 at typing, having taken out support at the 200-dma of 6.9145.
- Downside moves initially target 6.8781 for direction, marking the 38.2% retracement for the Jan - Feb upleg. Moves follow better-than-expected PMI data overnight from China, with both the manufacturing and non-manufacturing PMI data topping forecast.
- The non-manufacturing print at 56.3 was the strongest since the recovery from the initial waves of the pandemic in 2020, with 2020's 56.4 print the highest in 8 years.
To read the full story
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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.