Composite PMI (CNY) comes in at 49.3

China’s Composite PMI was reported at 49.3 today. This marks a decrease from the prior reading of 50.6. No consensus figure was available for this release.

Following the data, USDCNH moved -11 pips within 5 minutes and -19 pips after 15 minutes. One hour after the release, USDCNH was trading -16 pips from its pre-release level. Historically, the median 1-hour move for USDCNH after past releases has been 30 pips, with top-quarter releases seeing moves of 30 pips or more. The observed 1-hour move of -16 pips is smaller than the median historical movement. Directional reliability statistics are not yet available for this event.