Non-Manufacturing PMI (CNY) comes in at 49 against 49.9 consensus

China’s Non-Manufacturing PMI was reported at 49, falling below the consensus estimate of 49.9. This figure also represents a decline from the previous reading of 50.2. The actual print came in 1.8% lower than the market consensus.

Following the release, USDCNH moved -11 pips within five minutes, then -19 pips after 15 minutes. One hour after the data, USDCNH was trading -16 pips from its pre-release level. This one hour move is smaller than the median one hour move of 30 pips observed after past releases. Historically, top quarter releases have seen moves of 30 or more pips. Directional reliability statistics are not yet available for this series due to limited historical data.