USD/CNH: Yuan under pressure despite upbeat China NBS PMI

• Offshore Yuan is finding little love despite Saturday's upbeat China PMI. 
• The NBS manufacturing PMI rose above 50 in November, signaling expansion. 

The offshore Yuan (CNH) is struggling to gain ground despite the upbeat China data released over the weekend.

The CNH is currently trading at 7.0272 per U.S. Dollar, representing marginal losses on the day.

The purchasing managers' index (PMI) for China's manufacturing sector ticked higher to 50.2 in November from 49.3 in October, the National Bureau of Statistics (NBS) said Saturday.

A reading above 50 indicates expansion, while a below-50 reading represents contraction.

China's NBS PMI, which mainly surveys the state-owned enterprises, has returned to the expansionary territory for the first time in 13 months. The PMI for the non-manufacturing sector rose to 54.4 in November, up from 52.8 in October and the composite PMI rose by 1.7 points 53.7.

So far, the positive PMI surprise has failed to put a bid under the CNH. Traders may be sitting on the fence, possibly due to reports stating that the optimism about phase one of the US-China trade deal is premature

That said, the CNH may find love if the Caixin PMI, which focuses on the small and medium-sized export-oriented units, blows past the estimated print of 51.4. The data is due at 01:45 GMT.

Technical levels