China's Manufacturing PMI down to 47.0 in September

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Wednesday, Sep 23 2015

The Caixin Flash China General Manufacturing PMI for September is 47.0, down from 47.3 in August. Analysts were anticipating increase to 47.6. The decline indicates the nation’s manufacturing industry has reached a crucial stage in the structural transformation process. Overall, the fundamentals are good.

The principle reason for the weakening of manufacturing is tied to previous changes in factors related to external demand and prices. Fiscal expenditures surged in August, pointing to stronger government efforts on the fiscal policy front. Patience may be needed for policies designed to promote stabilization to demonstrate their effectiveness.

Aussie is currently being traded around 0.7030 area. Pair is likely to find support around 0.6970 handle and resistance above 0.7080 level. There will be no major data releases in the rest of the session.

More in this category: « USD higher against major rivals Euro stable after mixed PMI figures »

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