USD/CNH Wedged Between MAs, Caixin Services PMI On Tap Today

USD/CNH ran into resistance near 6.9300 post the Asia close on Thursday. We settled into a 6.9100/6.9200 range towards the end of the NY session, currently tracking 6.9170/80. CNH was 0.10% firmer for Thursday's session, while the CNY NEER edged down further to 124.55 (J.P. Morgan Index).

• In terms of technicals, the 20-day EMA isn't too far away, around 6.9125, as is the 100-day EMA ~6.9035. Note also the simple 50-day MA is near 6.9030. On the topside the simple 200-day MA at 6.9575 remains a resistance point.
• Today we get the Caixin services PMI, with the market consensus looking for a 57.0 outcome, against 57.8 prior. The composite Caixin PMI also prints, the prior outcome was 54.5. Yesterday's weaker than expected manufacturing PMI outcome halted the CNH rebound.
• In the equity space, the China Golden Index rose 1.83% in Thursday US trading, the first gain this week. Sentiment was aided by reports that Alibaba is exploring an IPO in the US for its online commerce unit.
• To recap, China equities ended yesterday firmer for the Shanghai composite index (+0.82%), but the CSI 300 was closer to flat. Northbound stock connect flows were modestly negative (-1.44bn yuan).