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Chinese yuan is in focus
China’s Manufacturing PMI will be out on Wednesday at 04:00 MT time!
Instruments to trade: USD/CNH, CNH/JPY, EUR/CNH
Manufacturing PMI is the leading indicator of economic health in the country. Basically, it is the survey of purchasing managers, which reveals how they assess current business conditions. Being the world’s second largest economy, Chinese figures usually influence the whole market. These days, the impact has increased amid the coronavirus pandemic as investors measure the global recovery by Chinese economic figures. That’s why this report won’t be important only for the Chinese yuan itself, but also for other financial assets. It will add fresh volatility to the market and may change the overall sentiment. If China’s PMI is better than the forecasts, it will improve the investor’s mood and push up riskier currencies such as the AUD, the NZD, the GBP, and stocks. In the opposite scenario, if China’s PMI is worse than anticipated, it will deteriorate the market sentiment and push upwards safe-haven currencies such as the USD and the JPY.
- The better China’s PMI – the higher the risk tolerance!
- The worse China’s PMI – the lower the risk appetite!
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