USD/CNH advances towards 7.30 as the market mood sours, focus shifts to PMIs

arching vigorously towards the weekly high of 7.2790 as the risk-off impulse has rebounded firmly after a minor optimism. A pullback move in S&P500 futures has terminated and the index futures have started their downside journey.has resulted in a flight of safety at the safe-haven counter for the market participants. Now, the DXY is aiming to test the weekly high at 113.21.

Meanwhile, investors are shifting their focus toward the S&P PMI data, which will release on Monday. Earlier, the Manufacturing PMI landed at 52.0 while the Services PMI was recorded at 49.3. On the China front, an unchanged monetary policy by the People’s Bank of China has kept the Chinese yuan on the tenterhooks. The central bank maintained the status quo despite the headwinds of weaker economic prospects and sluggish price pressures. Also, the real estate demand is extremely vulnerable, which needed a booster dose.

Meanwhile, oil prices have turned sideways after a correction below $85.00 as soaring yields have bolstered signs of recession ahead. It is worth noting that China is a leading import of oil and subdued

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