MUFG Research notes a lot of a lot of good news on China's reopening has already been priced into markets.

"Market expectations for stronger growth in China were encouraged further by the release overnight of the latest PMI surveys from China that revealed a stronger than expected bounce back in business sentiment. The composite PMI jumped by 10.3 points to 52.9 in January and hit the highest level since June 2022," MUFG notes.

"However, there has been limited market impact overnight from the release of the PMI surveys that have failed to provide a fresh boost for Asian currencies and other commodity-related currencies such as the Australian dollar. The price action suggests market participants are nervous over a hawkish policy surprise from central banks including the Fed this week, and/or a lot of good news has already been priced into markets now in anticipation of China’s economy reopening more fully," MUFG adds.