USD/CNH (offshore) - ...... Dlr climbed vs the yuan after official Chinese manufacturing data was released earlier than official release time. Reuters reported NBS Jan mfg index fell to a near 3-1/2 year low of 49.4 vs forecast of 49.6, previous month's reading was 49.7. In addition, NBS Jan non-mfg index came in at 53.5 vs previous month's reading at 54.4.
The antipodean currencies (aud n nzd) both fell to intra-day lows of 0.7043 and 0.6449 vs the usd respectively after the downbeat data.
Reuters reported this morning several major hedge funds are piling into bets that China's currency will decline against the dollar, according to the Wall Street Journal.
Hayman Capital Management has invested about 85 percent of its portfolio in bets against the yuan and the Hong Kong dollar, and Greenlight Capital holds options that pay off if the yuan falls. Hedge fund managers Stanley Druckenmiller and David Tepper have also taken positions against the Chinese currency.
The bets reflect the multitude of pressures on China's currency, including a slowing economy, unsteady financial markets and persistent capital outflows that have diminished the country's formidable foreign reserves.
At the same time, the U.S. dollar has risen steadily against other currencies as the relative strength of its economy has compelled the Federal Reserve to raise interest rates for the first time since the 2009 recession.
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Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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