China's Manufacturing PMI still on the downside

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Thursday, May 21 2015

China's Manufacturing PMI rose to 49.1 in April, but missed expectations on incline to 49.4 points. The Flash China Manufacturing PMI pointed to a further deterioration in operating conditions in April, with production declining for the first time in 2015 so far.

Moreover, softer client demand, both at home and abroad, along with further job cuts indicate that the sector may find it difficult to expand, at least in the near-term, as companies tempered production plans in line with weaker demand conditions.

On a positive note, deflationary pressures remained relatively strong, with both input and output prices continuing to decline, leaving plenty of scope for the authorities to implement further stimulus measures if required.

After the data Aussie rose and is currently being traded few points above 0.79 handle. Pair is likely to find support around 0.7850 area and resistance near 0.7960 level. Later today, in the US session, Unemployment Claims, Existing Home Sales and Philly Fed Manufacturing Index data is scheduled for a release.

More in this category: « June rate hike unlikely according to FOMC Meeting Minutes French Manufacturing PMI at a one-year high »

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