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USD/CNH Back Close To 6.8800, Caixin Manufacturing PMI On Tap Today

CNH

(MNI Australia) The early impetus for USD/CNH has been to the topside. The pair last around 6.8800, close to +0.15% firmer from NY closing levels at the end of last week. Like elsewhere, CNH is seeing early selling pressures as the broader USD firms (ex oil related currencies), as fallout from the oil price spike generally aids dollar sentiment. The CNY NEER (J.P. Morgan Index) ended Friday's session last week slightly higher at 125.225.

  • USD/CNH remains well within recent ranges though. Thursday's high came in above 6.9100, while post the PMI beats on Friday we got as low as 6.8438.
  • On the data front today we have the Caixin manufacturing PMI for March. The market forecast is 51.4, with 51.6 recorded in February.
  • At the end of last week, there were signs the housing market is stabilizing, see this link for more details. The value of new home sales jumped by nearly 30% for the 100 largest developers compared to a year earlier. This along with the better PMI reads signals an improving economic backdrop.
  • US-China tensions are likely to be remain a focus point ahead of Taiwan President's Tsai's stop-over in Los Angeles later this week.
  • Late last week China also launched a cyber security review of imports from US chipmaker Micron amid on-going China tech tensions.
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