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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.
CNH
Spot USD/CNH caught a light bid as China's official PMI figures missed expectations. The rate last sits +31 pips at CNH4.4678, holding yesterday's range.
- Official M'fing PMI came in at 51.1, missing BBG estimate of 51.8, while the Non-M'fing gauge deteriorated to 54.9 vs. BBG forecast of 56.1.
- Caixin M'fing PMI which tracks smaller, export-oriented Chinese producers is due shortly, with the complementary Services gauge coming up next Friday.
- Elsewhere, next Friday will also see the release of China's trade data & BoP current account balance.
- The PBOC set its central USD/CNY mid-point at CNY6.4672, 7 pips above sell-side estimates, with little in the way of market reaction seen after the fix.
- Chinese authorities continued with its crackdown on tech giants and slapped wide-ranging restrictions on the financial divisions of 13 companies including Tencent & ByteDance.
- A break above the 100-DMA/Apr 22 high at CNH6.4948/6.4995 would shift topside focus to Apr 16 high of CNH6.5366. Conversely, a fall through yesterday's low of CNH6.4614 would open up 76.4% retracement of the YtD upswing/Feb 24 low at CNH6.4450/6.4412.
Fig. 1: China Official Manufacturing vs. Non-Manufacturing PMI
Source: MNI - Market News/Bloomberg
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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