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China's manufacturing sector activity expanded slightly in June

Wednesday, Jul 01 2015
Activity in China's manufacturing sector expanded slightly in June though not as much as expected, offering some signs that the world's second-largest economy may be starting to level out after a raft of support measures. The official Manufacturing Purchasing Managers' Index (PMI) stood at 50.2 in June, even with the previous month's reading. Analysts were predicting it would edge up to 50.6. But growth remained tepid, with the reading just above the 50 point level that separates contraction from expansion on a monthly basis.
 
The Final HSBC/Markit PMI data was also released showing that factory activity contracted for the fourth straight month in June but at a slower pace, suggesting the economy may have stopped losing steam, albeit there is no sign of a recovery. The reading of 49.4 was below prelim's 49.6 and thus missed expectations on no change. On the upside, official Services PMI figures showed incline to 53.8, from last month's 53.2.
 
Data did not have major impact on the markets, bit Aussie edged higher this morning and is currently being traded around 0.7720 area. Pair is likely to find support around 0.7650 level and resistance above 0.7770 area. Later today, in the US session, ADP job figures and ISM Manufacturing PMI data is scheduled for a release.
More in this category: « US Consumer confidence strengthen in June Building Approvals up by 2.4% in May »

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