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CNH Underperforms Despite Caixin PMI Beat

CNH

USD/CNH remains sub post fixing highs near 7.3570. We were last just under 7.3400, with dips sub 7.3300 supported. A softer USD tone against the majors has had more of an impact than the better than expected Caixin PMI outcome for CNH. The print came in at 49.2, against an estimate of 48.5 and 48.1 prior. The index remained in contractionary territory for the third straight month, while the detail still pointed to headwinds from new orders and an employment standpoint.

  • CNH is lagging broader USD weakness. Roughly unchanged against the USD, while the BBDXY is down 0.15-0.20% at this stage.
  • Onshore USD/CNY spot pushed above 7.3200 not long after the open and has only seen modest pullbacks from session highs. We were last at 7.3230 (earlier highs close to 7.3275).
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