China Composite PMI Rises to 50.7

The Composite PMI for China came in at 50.7. This figure is an increase from the previous reading of 49.5. There was no consensus figure available for this release.

The USDCNH pair showed a limited reaction in the immediate aftermath of the release. Five minutes after the data, USDCNH was down 0.8 pips. Fifteen minutes later, the pair was up 7.3 pips. One hour after the release, USDCNH was down 22 pips. Historically, the median 1-hour move for USDCNH after similar releases has been 30 pips, with top-quarter releases moving 34 or more pips. The observed 1-hour move of 22 pips is smaller than the historical median. Directional reliability statistics are not yet available for this event.