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​USD/CNH Back Near 7.2800, PMIs On Tap Today

CNH

USD/CNH is not too far from Friday session highs (near 7.2850), with the pair last around 7.2800. This is up from late NY levels near 7.2700 from Friday's session. We followed broader USD sentiment for the most part, with the CNY NEER up modestly through Friday's session, per J.P. Morgan estimates. Round figure resistance at 7.3000 could be targeted, while on the downside, some support was evident between 7.2240/7.2300 late last week.

  • The focus today will be on the official PMI estimates, with the manufacturing and non-manufacturing readings expected to slip (the manufacturing into contraction territory, see this link).
  • Otherwise, the focus will rest on the USD/CNY fixing. The 4:30pm level in onshore trade was 7.2565 on Friday, while Friday's fix was a fresh cyclical high at 7.1698.
  • Covid developments also remain a headwind, with Macau undergoing 3 days of testing (starting yesterday), while MGM Casino will be closed. Covid case numbers in Zhengzhou are also disrupting Foxconn operations, which is an Iphone manufacturing hub.
  • The China State Council pledged faster growth in the final quarter of this year but didn't appear to unveil any fresh new policies from its meeting mid last week.
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