Manufacturing PMI comes in at 49.8 against 48.6 consensus

China’s Manufacturing PMI was reported at 49.8, exceeding the consensus estimate of 48.6. This figure also came in above the previous month’s reading of 49.2. The actual print represented a 2.5% surprise compared to the market consensus.

The USDCNH pair reacted to the data, moving +6.3 pips five minutes after the release. Fifteen minutes post-release, the pair was up +13 pips. One hour after the data, USDCNH traded -37 pips from its pre-release level. For context, the median 1-hour move for USDCNH after past Manufacturing PMI releases has been 23 pips, with top-quarter releases moving 27+ pips. This historical data is based on two releases since 2015.