BNP Paribas expects both of the official and the Caixin/Markit PMIs to tick higher from their respective readings of 49 and 48 on Friday.
"The unwinding of a seasonal drag from the Lunar New Year and a strong recovery in the property market all argue in favour of some firming in the numbers.
We do not see a significant boost for the G10 commodity exporter currencies however as we see a larger threat from a repricing of Fed expectations, that could negatively impact the risk environment, and domestic central bank resistance to a tightening in financial conditions via further currency gains," BNPP argues.
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