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US Dollar Under Pressure Following China PMI Beat

EMERGING MARKETS
  • The greenback has been under pressure early Wednesday, with the USD Index (-0.55%) slipping through yesterday's lows well ahead of the NY crossover. Much of the price action has been driven by a solid beat for Chinese PMI data overnight, underpinning a CNH rally. Wednesday focus turns to the ISM Manufacturing release for February, with January construction spending also on the docket.
  • China's PMI rose for a second month to 52.6 in February, with the increase from 50.1 in January led by the quick recovery in both production and new orders, data from the National Bureau of Statistics on Wednesday showed. The production sub-index jumped to 56.7 in February, a sharp rebound from January's 49.8 reading and return to expansion territory after four months of contraction.
  • EURUSD has risen 0.75% following regional German CPI data, which could pose an upside risk to the February Eurozone revisions. North-Rhine Westphalia was a particular hotspot, with monthly prices rising 1.0%.
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