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USD/CNH Rebounds Back Above 200-MA, Official PMIs Out Today

CNH

USD/CNH mostly stayed on the front foot post the Asia close on Wednesday. By late NY trade the pair had rallied to ~7.1460, well above earlier lows at 7.1126. We tracked near 7.1430 in early trade today having lost 0.15% for Wednesday's session. USD/CNH now sits back above its simple 200-day MA (7.1381).

  • USD/CNY ended Wednesday's session notably lower at 7.1262, while the CNY NEER (J.P. Morgan index) recovered some ground, up 0.18% to 123.56.
  • The data focus today sees official PMI prints for November out. The market consensus is for manufacturing to improve to 49.8, from 49.5 prior (so remaining in the contraction zone). For the services side, 50.9 is the projection against 50.6 prior. The previous composite PMI reading was 50.7.
  • In the equity space, the Golden Dragon index lost 1.29% in Wednesday US trade. This followed weaker onshore equity sentiment, the CSI 300 down 0.86%, remaining sub 3500, with earnings concerns a headwind.
  • International participants broke a run of two consecutive days of net inflows for mainland equities via the HK-China Stock Connect links, shedding 5.1bn yuan on Wednesday.
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