Growth in China's PMI, PBOC cut interest rates

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Sunday, Mar 01 2015

According to the latest NBS release China's Manufacturing PMI inched up to 49.9 in February from January's 49.8, beating market expectations on decline to 49.7. "In the context of stabilising macroeconomic policies including recent tax cuts and increased infrastructure spending, market demand rose and business confidence strengthened," the NBS said, adding that stabilising crude oil and raw material prices were also important factors.

The services PMI showed growth in that sector picked back up to 53.9, up from 53.7 in January, which the NBS attributed in part to strong holiday spending. However, hours before data was released the People's Bank of China (PBOC) cut interest rates, its second easing move in four weeks, as regulators show signs of intensifying concern that the drumbeat of lacklustre data since the fourth quarter is hurting investment and consumption.

News could have impact on Aussie at the market opening. Pair is likely to find support around 0.7750 and resistance above 0.7850 level. Later today, Company Operating Profits data is scheduled for a release.

More in this category: « USD - Major events in the week ahead Company Operating Profits down by 0.2% in Q4 »

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