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China's Manufacturing PMI slightly up, Services PMI down

Monday, Jun 01 2015
Official China's Manufacturing PMI rose to 50.2, in line with analyst forecasts and above the 50.1 level of April. It also marks the fastest pace of expansion seen since November 2014, and in line with market forecasts. While the headline figure rose fractionally the internals of the report were far more robust with output and new orders both expanding at a faster pace while new export orders, order backlogs and input prices all contracted at a slower pace than what was previously reported in April. 
 
While the manufacturing PMI report was reasonable without being spectacular, growth across the nations services sector continued to slow with the non-manufacturing PMI gauge slipping to 53.2. Not only was the decline the third month in a row that a slowdown has been recorded, at 53.2, it also marked the slowest pace of expansion seen since January 2014.
 
Data was of no major impact on the markets, with Aussie going back and forth, currently being traded few points above 0.7650 area. Pair is likely to find support around 0.76 and resistance above 0.77 handle. Later today, in the US session, Manufacturing PMI figures are scheduled for a release.
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