FXWIREPRO: Chinese Yuan Falls Despite Better Than Expected Manufacturing PMI Data
- USD/CNY 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 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.
The material has been provided by InstaForex Company - www.instaforex.com