Skip to content USDCNH Declines Amid Positive Chinese Manufacturing Data
After the latest Chinese PMI figures were announced, the offshore yuan dropped to approximately 7.13 against the dollar. On Thursday, manufacturing activity grew for the first time since April, with the index reaching 50.1 in October.
The USD/CNH 4-hour price chart below demonstrates the price, support, and resistance levels.
This slightly increased from 49.8 in September to just above the anticipated 50. This development suggests a positive change in the manufacturing industry’s outlook, which had seen a downturn over the past few months.
Slight Rise in Services Sector Index to 50.2 in October
On another note, the services sector saw a slight improvement, with its index increasing to 50.2 in October from 50 in September. Although this was below the expected 50.4, it indicates some progress, though it might not be sufficient to drive a full economic recovery.
Investors are now looking forward to the National People’s Congress, held from November 4 to 8, hoping to gain insights into potential fiscal policies that could influence the economy.
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