USD/CNH rebounds from 6.6800 on upbeat Caixin Services PMI, Fed minutes in focus By Sagar_Dua24 USDCNY PMI Fed DollarIndex Coronavirus
strengthened the Chinese yuan against the greenback. The economic data has landed at 54.5, extremely higher than the forecasts of 47.3 and the prior print of 41.4.
It is worth noting that last week’s Caixin Manufacturing PMI data also landed better than the consensus. The Manufacturing PMI data landed at 51.7 vs. 50.1 the expectations and 48.1 the former release. A sheer positive deviation in the majordictates that the Chinese economy is returning to its track after facing the headwinds of the resurgence of Covid-19.
Major Chinese cities: Shanghai and Beijing remained locked for more than two months. The lockdown curbs levied by the Chinese government to contain the pandemic had halted economic activities. However, the economy has managed to revive after the restrictions on the movement of men, materials, and machines.index has displayed wild gyrations at the open. Usually, a follow-up holiday after a weekend results in higher volatility in the respective market.
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