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CNH: USD/CNH Holding Near 7.2500, Nov PMIs Out Tomorrow

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Spot USD/CNH saw a spike towards 7.2600 in Thursday trade, post the Asia Pac close, but we pulled back from there. We track near 7.2475in early Friday dealings, after little net change for Thursday's session. We are still down for the week in USD/CNH terms, consistent with lower USD index levels, but CNH has lagged some majors, notably the yen over this period. Spot USD/CNY finished up at 7.2445 Thursday. The CNY CFETS basket tracker (per BBG) finished slightly higher at 100.22. 

  • The local data calendar remains empty today. Focus is on tomorrow's official PMI prints. The market consensus is for a further modest improvement: manufacturing to 50.2 from 50.1, while services is projected at 50.4 from 50.2.
  • The data will be gauged around stimulus success from recent months and also whether further announcements could be made before year end.
  • Onshore equities finished down yesterday, with the CSI 300 off 0.88% and back under 3900. Concerns around potential further US chip curbs weighed (per BBG). Fitch also noted the China housing downturn may extend into 2025. China to Global equities remain close to recent lows.
  • For USD/CNH technicals, the 20-day EMA continues to rise, last near 7.2200 in terms of a downside support point. 
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Spot USD/CNH saw a spike towards 7.2600 in Thursday trade, post the Asia Pac close, but we pulled back from there. We track near 7.2475in early Friday dealings, after little net change for Thursday's session. We are still down for the week in USD/CNH terms, consistent with lower USD index levels, but CNH has lagged some majors, notably the yen over this period. Spot USD/CNY finished up at 7.2445 Thursday. The CNY CFETS basket tracker (per BBG) finished slightly higher at 100.22. 

  • The local data calendar remains empty today. Focus is on tomorrow's official PMI prints. The market consensus is for a further modest improvement: manufacturing to 50.2 from 50.1, while services is projected at 50.4 from 50.2.
  • The data will be gauged around stimulus success from recent months and also whether further announcements could be made before year end.
  • Onshore equities finished down yesterday, with the CSI 300 off 0.88% and back under 3900. Concerns around potential further US chip curbs weighed (per BBG). Fitch also noted the China housing downturn may extend into 2025. China to Global equities remain close to recent lows.
  • For USD/CNH technicals, the 20-day EMA continues to rise, last near 7.2200 in terms of a downside support point.