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Market News USD/CNH pares greatest daily drop in two weeks near 7.1600 on China’s gloomy PMIs

USD/CNH pares greatest daily drop in two weeks near 7.1600 on China’s gloomy PMIs

The USD/CNH exchange rate remains moderately bid despite retaining its largest daily loss since November 10. China’s official NBS Manufacturing PMI and Non-Manufacturing PMI both disappoint in November. Cautious mindset ahead of significant data/events inhibits immediate moves even as optimism surrounding China teases bears.

Alina Haynes

2022-11-30

317

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USD/CNH licks its wounds near 7.1590, attracting offers of late, as it pares Wednesday's largest daily loss in two weeks. The pair’s current moves explain dismal prints of China’s official activity figures for November amid a cautious atmosphere ahead of the important triggers scheduled to release from the United States.

That said, China’s officially NBS Manufacturing PMI slipped to 48.0 versus 49.2 projected and 49.0 before. Further facts reveal that the Non-Manufacturing PMI also plummeted to 46.7 from 48.7 before and 51.7 predicted.

It should be highlighted that the news regarding the gradual lifting of the severe Covid-led lockdowns in China failed to support the offshore Chinese Yuan (CNH) (CNH). After observing a decline in the number of daily Covid infections from a record high, China announced a number of measures to loosen the lockdown in crucial locations. Even nevertheless, the world’s second-largest economy left its Zero-Covid policy unchanged. Bloomberg reported the reopening of some civic facilities in the broader Zhengzhou region, the home of a significant iPhone manufacturing. Earlier on Tuesday, the news surfaced that China's Guangdong province will allow the close contacts of Covid cases to quarantine at home.

In this context, S&P 500 Futures remain hesitant following Wall Street's mixed close, although US 10-year Treasury note yields closed Tuesday on a firmer footing, rising six basis points (bps) to 3.748%, or falling one bps to 3.75% at the latest.

The market’s cautious mood could be linked to the concern ahead of Fed Chairman Jerome Powell’s first public appearance since November Federal Open Market Committee (FOMC) meeting amid hawkish hopes. Also significant are the US ADP Employment Change for November, which is anticipated to be 200K compared to 239K before, and the second reading of the US Gross Domestic Product (GDP) for the third quarter (Q3), which is anticipated to reaffirm Annualized increase of 2.6%.