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Muted Reaction To Local PMI Reports

CNH

Spot USD/CNH has been treading water, it last trades only marginally below neutral levels, showing little to no reaction to China's PMI data. The rate sits -10 pips at CNH6.4039 as we type, with bears looking for a retreat under Oct 19 low/trendline support at CNH6.3687/80. Bulls would be pleased by a rally above Oct 19 high of CNH6.4290, followed by the 50-DMA at CNH6.4415.

  • The PBOC set their central USD/CNY mid-point at CNY6.4192, 11 pips above sell-side estimate. The redback has ignored the fixing.
  • The weekend saw the release of China's below-forecast official PMI figures, with the m'fing gauge unexpectedly slipping deeper into contractionary territory.
  • Caixin M'fing PMI report was more optimistic and suggested that expansion resumed, even as median estimate was for the headline index to remain at the 50 breakeven level.
  • The remaining Caixin Services PMI will hit the wires on Wednesday, with flash Q3 BoP current account balance coming up Friday.
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