China's PMI data in line with market forecasts

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Tuesday, Sep 01 2015

The final Caixin/Markit manufacturing purchasing managers' index (PMI) slipped to 47.3 in August, the lowest reading since March 2009 and down from 47.8 in July. The reading, however, was a touch better than the flash reading of 47.1.

"The final Caixin China Manufacturing PMI for August continued to retreat, with sub-indices signaling continued weak demand in the markets for goods and factors of production. Recent volatilities in global financial markets could weigh down on the real economy, and a pessimistic outlook may become self-fulfilling," said He Fan, Chief Economist at Caixin Insight Group.

China's official PMI, released earlier in the day, slipped to 49.7 in August - the weakest level since August 2012 - down from 50 in July and in line with expectations. This is the first time the official PMI has fallen below 50 in six months. Non-Manufacturing PMI also fell to 53.4 from last month's 53.9.

Aussie currently being traded few points above 0.7120 level. Pair is likely to find support around 0.7070 area and resistance above 0.7180 level. Later today, in the US session, ISM Manufacturing PMI figures will be released.

More in this category: « Eurozone CPI 0.2% in August Building Approvals rose 4.2% in July »

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