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Market News USD/CNH advances beyond 7.2800 as China PMIs decline, the Fed moves, and US NFP is anticipated

USD/CNH advances beyond 7.2800 as China PMIs decline, the Fed moves, and US NFP is anticipated

The USD/CNH receives bids to produce a three-day upswing. China's official Non-Manufacturing PMI fell to levels not seen since May, marking the first monthly fall in five months. Covid difficulties and hawkish Fed forecasts strengthen the optimistic bias. FOMC must defend additional rate hikes to combat pessimistic expectations.

Alina Haynes

2022-10-31

272

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As China's monthly activity report disappoints offshore Chinese yuan (CNH) investors, the USD/CNH continues to attract buyers for a third consecutive day on Monday, gaining 0.23% intraday near 7.2850 at press time. Concerns over covid problems in the dragon kingdom and apprehensions about a hawkish move by the Federal Reserve also keep buyers optimistic.

Consequently, China's official NBS Manufacturing PMI for October fell to 49.2, compared to 50.0 anticipated and 50.1 previously. In addition, the Non-Manufacturing PMI dropped to 48.7 compared to market expectations of 51.9 and previous readings of 50.6. Following the release of the data, Reuters reported, "China's factory activity unexpectedly declined in October, according to an official survey released on Monday. Weakening global demand and rigorous COVID-19 controls hampered production."

Due to the US dollar's role as a safe haven, the news of Macau's closure of a casino resort and anxieties originating from Russia also contribute to the USD/appreciation. CNH's Reuters stated that "Russia, which invaded Ukraine on February 24, suspended its participation in the Black Sea arrangement on Saturday for a "indefinite period" because it could not "ensure the safety of civilian ships" traveling under the treaty after an attack on its Black Sea navy."

Notable is the fact that US Treasury yields are directionless following a dismal economic report and that US equities futures print slight losses even as the Dow Jones prepares for its largest monthly gain since 1976. In addition, the US Dollar Index (DXY) shows a three-day rise around 110.80, with an intraday gain of 0.10% as of press time.

In conclusion, the USD/CNH bulls may retain control due to China's more weaker fundamentals compared to those of the United States. In spite of this, concerns that the Fed may propose lowering the pace of rate hikes beginning in December have recently appeared to test pair buyers.