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CNH Outperforms Modestly, PMIs On Tap Today

CNH

USD/CNH tracked recent ranges post the Asia close. Dips below 6.9500 were supported, but we didn't see fresh upside beyond the 6.9600 level. The currency finishing a touch firmer against the USD for Tuesday's session. The pair tracks around the 6.9530/40 level as we kick off the Asia Pac session. The CNY NEER (J.P. Morgan Index) recovered some ground, now back at 125.77 (+0.17%).

  • Today the main focus will be on official PMI prints for Feb, with the Caixin manufacturing also due out.
  • The market expects further improvement in all 3 indices (official manufacturing to 50.6 from 50.1, non-manufacturing to 54.9 from 54.4, Caixin manufacturing to 50.7 from 49.2). See this link for more details.
  • Elsewhere the focus will rest on the upcoming people's congress. Outside of aggregate growth targets, focus could rest on reports of an overhaul of government agencies, which is speculated to bring more control to the central government (see this link). Local government debt issues are also likely to feature.
  • In the equity space, the Golden Dragon Index finished down a touch in US trade. To recap, onshore equities rallied late yesterday, with the CSI 300 up just over 0.60%.
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