USD/CNH has recovered from session lows, possibly on the back of a weaker-than-expected China data. China’s manufacturing activity contracted for the third straight month in February. The USD/CNH pair is currently trading at 6.6815, having clocked a low of 6.6755 earlier today. The recovery from session lows could be associated with the dismal China data released at 01:00 GMT, which showed the manufacturing activity in the world’s second-largest economy contracted for the third month straight in February. The manufacturing Purchasing Managers’ Index (PMI) slipped to 49.2 in February, missing the forecasted print of 49.5 by a narrow margin. The third straight below-50 reading indicates a sustained deterioration in the activity, despite the government’s stimulus efforts. That, however, is hardly surprising, as the export units have been facing a tough time, courtesy of the US-China trade war. Looking forward, the pair could see a stronger oversold bounce, if the resistance at 6.6820 (descending triangle hurdle) is convincingly scaled. Technical Levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Apple Co-Founder shares his views on Bitcoin FX Street 4 years USD/CNH has recovered from session lows, possibly on the back of a weaker-than-expected China data. China's manufacturing activity contracted for the third straight month in February. The USD/CNH pair is currently trading at 6.6815, having clocked a low of 6.6755 earlier today. The recovery from session lows could be associated with the dismal China data released at 01:00 GMT, which showed the manufacturing activity in the world's second-largest economy contracted for the third month straight in February. The manufacturing Purchasing Managers' Index (PMI) slipped to 49.2 in February, missing the forecasted print of 49.5 by a… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
