- USD/CNH is having a smooth ride towards 6.90 on weaker-than-anticipated Caixin Manufacturing PMI data.
- The Chinese Yuan is expected to remain on the backfoot as oil prices have soared dramatically.
- Higher oil prices are expected to spur the prices of goods and services at factory gates ahead.
The USD/CNH pair has turned speedy towards the immediate resistance of 6.90 as the IHS Markit has reported a downbeat Caixin Manufacturing PMI data. The economic data has landed at 50.0, lower than the consensus of 51.7 and the former release of 51.5.
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