{"id":1930,"date":"2020-03-02T08:14:17","date_gmt":"2020-03-02T08:14:17","guid":{"rendered":"https:\/\/forexvarsity.com\/welcome\/?p=1930"},"modified":"2020-03-02T08:14:20","modified_gmt":"2020-03-02T08:14:20","slug":"yuan-rises-despite-downbeat-pmi-data-feds-next-move-in-focus","status":"publish","type":"post","link":"https:\/\/forexvarsity.com\/welcome\/yuan-rises-despite-downbeat-pmi-data-feds-next-move-in-focus\/","title":{"rendered":"Yuan Rises Despite Downbeat PMI Data; Fed\u2019s Next Move in Focus"},"content":{"rendered":"\n

The Chinese yuan<\/a> rose against the U.S. dollar on Monday in Asia despite the release of downbeat manufacturing data.<\/p>\n\n\n\n

The USD\/CNY<\/a> pair lost 0.3% to 6.9687 by 11:35 PM ET (03:35 GMT). The Caixin\/Markit Manufacturing Purchasing Managers\u2019 Index came in at 40.3 for February, which was its lowest reading since the survey was launched in early 2004.<\/p>\n\n\n\n

Data on Saturday showed China\u2019s official manufacturing PMI contracted at its fastest ever in February, even worse than during the global financial crisis of 2008.<\/p>\n\n\n\n

The People’s Bank of China has set the Yuan<\/a> reference rate at 6.9811 today versus Friday’s fix at 7.0066.<\/p>\n\n\n\n

Meanwhile, the U.S. dollar index<\/a> dropped 0.2% to 97.927.<\/p>\n\n\n\n

Some believe the Federal Reserve might ease monetary policies from over the next few months after Fed Chairman Jerome Powell issued a rare statement on Friday pledging to \u201cact as appropriate\u201d to support the economy<\/p>\n\n\n\n

Several Fed speakers are due to make appearances this week, Including Cleveland Fed President Loretta Mester, St. Louis Fed chief James Bullard, Dallas Fed head Robert Kaplan, Minneapolis Fed President Neel Kashkari and New York Fed President John Williams (NYSE:WMB<\/a>).<\/p>\n\n\n\n

\u201cMarkets are trying to \u201cprice-in\u201d an event for which there is no readily known precedent. Volatility will rule until COVID-19-related risks reverse course,\u201d said John Lonski, chief economist with Moody\u2019s Capital Markets Research, in a note to clients.<\/p>\n\n\n\n

However, he warned that \u201cby themselves, Fed rate cuts will not remedy the COVID-19 virus. \u201cWhat the Fed can do is help to facilitate access to financial capital for those households, businesses and local governments that incur cash flow problems owing to the virus.\u201d<\/p>\n\n\n\n

The Japanese yen slipped against the U.S. dollar today, as Asian markets recovered. Chinese stocks surged as much as 3% earlier in the day.<\/p>\n\n\n\n

The USD\/JPY<\/a> pair last traded at 108.13, up 0.1%.<\/p>\n\n\n\n

The AUD\/USD<\/a> pair rose 0.2% to 0.6518. The Reserve Bank of Australia will set its policy on Tuesday.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Chinese yuan rose against the U.S. dollar on Monday in Asia despite the release of downbeat manufacturing data. The USD\/CNY pair lost 0.3% to 6.9687 by 11:35 PM ET (03:35 GMT). The Caixin\/Markit Manufacturing Purchasing Managers\u2019 Index came in at 40.3 for February, which was its lowest reading since the survey was launched Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1930","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts\/1930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/comments?post=1930"}],"version-history":[{"count":1,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts\/1930\/revisions"}],"predecessor-version":[{"id":1931,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts\/1930\/revisions\/1931"}],"wp:attachment":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/media?parent=1930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/categories?post=1930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/tags?post=1930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}