Caixin Manufacturing PMI comes in at 51.5 against 51.4 consensus

The Caixin Manufacturing PMI for China was released at 51.5. This figure exceeded the consensus expectation of 51.4. The previous month’s reading was 50.9. The actual print represented a 0.2% surprise compared to the consensus.

USDCNH moved -0.5 pips five minutes after the release, and -3.1 pips fifteen minutes after the release. This measured reaction is small when compared to the typical historical moves for USDCNH. Historically, the median one-hour move for USDCNH after similar releases has been 11 pips, with top-quarter releases seeing moves of 18 pips or more. These historical figures are based on three releases since 2015. Directional reliability statistics are not yet available for this event.