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USD/CNH Pares Post PMI Miss Gains

CHINA DATA

The official PMIs for Nov were weaker than expected. The manufacturing coming in at 49.4, versus 49.8 forecast and 49.5 prior. The services side eased to 50.2 versus 50.9 forecast and 50.6 prior.

  • The services side is well off earlier 2023 highs above 58, while the manufacturing index remains in contraction territory.
  • These misses will raise fresh question marks over the economic recovery. They suggest fiscal stimulus is yet to gain meaningful traction.
  • The market reaction has been to push USD/CNH higher, although overall gains have been very modest, with little follow through pair last near 7.1385 (post data highs were at 7.1455). AUD/USD is back sub 0.6620 paring earlier gains.
  • In the equity space, the HSI is tracking lower in the first part of trade, off 0.35%
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