China's Manufacturing PMI data beats market expectations

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Wednesday, Apr 01 2015

HSBC China's Manufacturing PMI posted at 49.6 in March, up slightly from an earlier flash reading of 49.2. Analysts were predicting no change from prelim reading. the sector continues to struggle to gain growth traction. However, this was down from 50.7 in February and signalled a renewed deterioration in the health of the sector. The latest data indicate that domestic and foreign demand remains subdued amid weaker market conditions, which dampened output growth as a result.

Separate official government’s manufacturing Purchasing Managers’ Index was 50.1 last month, from 49.9 in February. The rebound in the factory gauge reflected accelerated production activity after the Spring Festival holiday, while the government’s recent measures to help growth have boosted optimism, the NBS said in a statement.

After the data Aussie was pushed higher and is currently being traded around 0.7630 area. Pair is likely to find support around 0.76 handle and resistance above 0.7670 level. Later today, in the US session, ADP job figures and Manufacturing PMI data is scheduled for a release.

More in this category: « Building Approvals fell by 3.2% in February Spanish Manufacturing PMI slightly up in March »

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