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USD/CNH pulled back to around 7.0700 after China's Caixin Services PMI jumped to 58.4 in June, its highest since April 2010 and well above forecasts of 49.9. Tensions over Hong Kong's new security law and rising US COVID-19 cases also shaped the pair's moves.
A strong services reading signals a faster Chinese recovery and firmer yuan demand, which slightly weighs on the dollar against the yuan. The effect on feed commodity prices is limited.
forexcrunch.comFX StreetJul 3, 2020Not 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.
The strong Caixin Services PMI (58.4) on July 3 boosted confidence in China's recovery and set up yuan strength heading into the next session.
