China's Manufacturing PMI rose to above 50 level

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Wednesday, Feb 25 2015

The HSBC China Manufacturing PMI improved slightly to 50.1 in the flash reading for February, up from 49.7 in January. Analysts were expecting no significant change. Domestic demand firmed while new export orders contracted for the first time since April 2014. Both input and output prices remain in contraction.

Today's data point to a marginal improvement in the Chinese manufacturing sector going into the Chinese New Year period in February. However, domestic economic activity is likely to remain sluggish and external demand looks uncertain. Because of this more policy easing is still warranted at the current stage to support growth.

After the data Aussie was pushed sharply slightly higher is currently being traded few points above 0.7880 level. Pair is likely to find support around 0.7830 level and resistance above 0.7930 area. Later today, in the US session New Home Sales figures are scheduled for a release.

More in this category: « Construction Work fell less than expected in December quarter BBA Mortgage Approvals higher in January »

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