FxWirePro: Chinese Yuan falls despite better than expected manufacturing PMI data
USDCNY is currently trading around 6.4634 levels. It made intraday high at 6.4649 and low at 6.4538 levels. The Chinese Manufacturing Purchasing Managers' Index rose from 49.0 in February to nine-month high of 50.2 in Ma…
It made intraday high at 6.4649 and low at 6.4538 levels.
The Chinese Manufacturing Purchasing Managers' Index rose from 49.0 in February to nine-month high of 50.2 in March.
On the other side, China’s Caixin manufacturing PMI for March came in at 49.7, better than the level of 48.3 expected and 48.0 for the final in February.
PBOC Sets Yuan Mid-Point at 6.4585 / Dlr Vs Last Close 6.4490.
Intraday bias remains bullish for the moment.
A daily close below 6.4548 will drag the parity down towards key supports at 6.4526/6.4351/6.4155 marks.
Alternatively, reversal from key support will drag the parity up around 6.4683/6.4910/ 6.5374/6.5580 levels.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
