The release of soft Chinese Caixin m'fing.....>

FOREX: The release of soft Chinese Caixin m'fing PMI provided the Asia-Pacific

session's key turning point, weighing on AUD, CNH and, to a lesser extent, NZD.

The Aussie underperformed its G10 peers, extending on earlier weakness, while

USD/CNH bulls re-focus on the pair's 200-DMA at CNH6.7554 ahead of the Lunar New

Year holiday period that will remove liquidity from the Asia-Pac timezone next

week. The Caixin m'fing PMI, tracking SMEs not captured by the official Chinese

survey, plunged to a 35-month low of 48.3 from last month's 49.7 (for our piece

on the release see MNI Main Wire at 02:20 GMT 02/01). 

- The yen outperformed modestly, benefitting from the Nikkei 225's decline to

almost unch. levels, after ignoring Japanese labour mkt data, which saw the

unemployment rate slip to 2.4% vs. exp. of no change from the previous 2.5%. 

- CAD was relatively weak, with WTI back below $54/barrel. 

- Focus today turns to global m'fing PMIs, U.S. labour mkt data & EZ CPI.

Elsewhere, Fed's Kaplan will speak.