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USD/CNH fell to its lowest level since June 2018 near 6.4695 on Monday, ignoring a weaker-than-expected Caixin manufacturing PMI of 53.0 for December. The reading still signaled an eighth consecutive month of expansion.
Technical analysts pointed to further downside toward support near 6.4528.
A stronger yuan supports Chinese dollar-denominated commodity purchasing power, while softer PMI data hints at slightly slower industrial demand for feed inputs. The price implication for feed is minor.
forexcrunch.comFX StreetJan 4, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Same-day offshore USD/CNH fell to its lowest since June 2018 despite a soft PMI, confirming dollar-selling pressure and technical breakdown that reinforced the onshore move.
