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New business in China at a one-year low

Monday, May 04 2015
China's Manufacturing PMI came at 48.9 in April, down from 49.6 in March. Analysts were anticipating increase from prelim reading of 49.2. This signalled a deterioration in the health of the sector for the second successive month. Moreover, the pace of deterioration was the strongest seen in a year. China’s manufacturing sector had a weak start to Q2, with total new business declining at the quickest rate in a year while production stagnated. 
 
Fewer new orders appeared to stem from weaker domestic demand, as new business from abroad showed tentative signs of improvement. Nonetheless, further job cuts and reduced purchasing activity suggest that the sector may struggle to expand in the near-term. Furthermore, the PMI data indicate that more stimulus measures may be required to ensure the economy doesn’t slow from the 7% annual growth rate seen in Q1.
 
Aussie fell after figures were released and is currently being traded few points above 0.7820 level. Pair is likely to find support around 0.7750 and resistance above 0.7880 area. There will be no major data releases in the rest of the session. 
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