# USD/CNH slips from intraday top to sub-7.0700 area after China Caixin PMI - Forex Crunch

> 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.

- Date: 2020-07-03 · published 2020-07-03T12:00:00.000Z
- Category: market · region China · magnitude low
- Page: https://feedsoft.ai/events/9732-usd-cnh-slips-from-intraday-top-to-sub-7-0700-area-after-china-caixin-pmi-forex
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Read by commodity

- USDCNY: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2020-07-06 | 1 | -0.7% | -3.5 | 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. |

## Sources

- forexcrunch.com: https://www.forexcrunch.com/blog/2020/07/03/usd-cnh-slips-from-intraday-top-to-sub-7-0700-area-after-china-caixin-pmi/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.