China's Manufacturing PMI at eleven-month low

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Tuesday, Mar 24 2015

China's Manufacturing PMI fell to eleven month low in March, hitting 49.2, down from 50.7 in February and missing forecasts on slight decrease to 50.5. A renewed fall in total new business contributed to a weaker expansion of output, while companies continued to trim their workforce numbers.

Meanwhile, manufacturing companies continued to benefit from falling input costs, stemming from the recent global oil price decline. However, relatively muted client demand has led firms to pass on savings in a bid to boost new work, and cut their selling prices at a similarly sharp rate.

After the data, Aussie was pushed lower, but managed to rebound and is currently being traded few points above 0.7860 level. Pair is likely to find support around 0.78 handle and resistance above 0.7930 area. Later today, in the US session, CPI and New Home Sales figures are scheduled for a release.

More in this category: « Existing Home Sales at an annual rate of 4.88 million French Manufacturing PMI rose in February »

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