Caixin Composite PMI (CNY) Rises to 52.1

The Caixin Composite PMI for China, a key indicator of economic activity, was released today, showing a reading of 52.1. This figure represents an increase from the previous month’s reading, which stood at 50.8. No consensus figure was available for this particular release, meaning there was no market expectation to compare the actual print against.

Following the publication of the data, the USDCNH currency pair registered a move of -5.1 pips five minutes after the release. Fifteen minutes after the data became public, the pair was trading -0.6 pips from its pre-release level. This measured price action observed so far is small when compared to the typical behavior seen after past releases of this event. Historically, USDCNH has shown a median one-hour move of 11 pips, with top-quarter releases moving 16 or more pips. Directional reliability statistics for this event are not yet available.