USD/CNH slides from six-month high to under-7.1100 on upbeat China Caixin PMI – by anilpanchal7 USDCNY PMI China Politics Fed
rength to the offshore Chinese Yuan is the improvement in the risk profile after the US policymakers inch closer to avoiding the default. That said, the recent shift in thebias and mixed US data also allow the quote to retreat from a six-month high marked the previous day.
China’s Caixin Manufacturing PMI rose beyond 50.0 level for the first time in three months while suggesting an increase in activities. That said, the private manufacturing gauge rose to 50.9 versus 49.5 expected and prior. On the other hand, US JOLTS Job Openings rose to 10.103M in April versus 9.375M expected and 9.745M prior whereas Chicago Purchasing Managers’ Index dropped to 40.4 for May from 48.6 prior and 47.0 market forecasts.
Not only the mixed US data but comments from multiple Fed speakers also raised doubts on the US central bank’s ability to lift the rates further, which in turn allowed Wall Street Journal’s Nick Timiraos to suggest that the Federal Open Market Committee is likely to hold interest rates steady in June.
Talking about the risk, the US Republican-controlled House of Representatives recently passed the debt-ceiling bill and favored the market’s optimism as the ruling Democrats dominate in the Senate and can easily avoid the default now.
Having witnessing these catalysts, the USD/CNH pair traders should pay attention to the US ADP Employment Change, ISM Manufacturing PMI and S&P Global PMIs for May for fresh impulse.Although overbought RSI joined upbeat China data to trigger the USD/CNH pair’s pullback moves, a one-week-old ascending support line near 7.0950 puts a short-term floor under the offshore Yuan prices.
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