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Free AccessCNH Weighed By Caixin PMI Miss
USD/CNH remains on the front foot. The just released Caixin manufacturing, which surprised on the downside (50.0 versus 51.4 expected, prior 51.6), has added to the USD bid. USD/CNH has moved above 6.8900, around 0.3% weaker versus the NY close, but has found some selling interest above this level. Onshore spot is higher, but hasn't breached the 6.8900 level yet. We remain within recent ranges for both pairs though
- The Caixin PMI will take the gloss off the beats from last Friday's better than expected official PMIs, although as highlighted earlier, onshore sentiment is upbeat around Q2 growth prospects.
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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.