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Underperforming Weaker USD Trend, Services PMI  Softer Than Expected

CNH

USD/CNH has recovered ground and sits slightly above NY closing levels, last near 6.9200. Onshore spot is trading with a positive spot as well since the open, moving back above 6.9100. This is underperforming softer USD trends elsewhere, with the BBDXY off 0.10%. The Caixin services PMI came in a touch below expectations, 56.4, versus 57.0 expected, and 57.8 prior.

  • The is similar to how the official PMIs unfolded on the services side. It is still comfortably above the 50 expansion/contraction point, but down from the heady pace of growth seen at the end of Q1.
  • In the equity space, onshore markets are not far away from flat. In Hong Kong the tone is better, but the HSI is down from earlier highs (last +0.70%).
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