Looks like US traders are looking at the divergence between the official Chinese government PMI (53.1) and the private HSBC PMI (48.3) and siding with the privately compiled data.
We’ve seen an early wave of EUR/JPY sales as well as selling of AUD/USD and AUD/JPY.
The UK showed an uptick in manufacturing in March (52.1), as did Switzerland (51.1). No such luck for Europe, which saw PMI hold steady at the 47.7 level.
In the bigger picture, EUR/USD remains range-bound amid a 1.3250/1.3380 range. We trade at 1.3324 at present.