USD/CNH seems firmer on the day – BBH

USD/CNH is firmer on heightened trade-related uncertainties, BBH's FX analysts report.

Growth outlook remains unimpressive

"The private sector Caixin manufacturing PMI unexpectedly improved in March to a four-month high at 51.2 (consensus: 50.6) vs. 50.8 in February."

"Nevertheless, the growth outlook will remain unimpressive as long as policymakers fail to address the root cause of weak consumption spending activity: low household income levels, high precautionary savings, and high levels of household debt."