China's Manufacturing PMI continues to fall

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Monday, Jan 04 2016

The Caixin Purchasing Managers' Index (PMI) came in weaker than expected, spurring fresh fears over China's economic growth and sending markets around the region lower. The manufacturing PMI fell to 48.2 in December, from 48.6 in November, contracting for a tenth month and coming in below a Reuters poll forecast for 49.0. Levels below 50 indicate contraction. The Caixin PMI is a closely-watched gauge of nationwide manufacturing activity, which focuses on smaller and medium-sized companies, filling a niche that isn't covered by the official data.

"Data suggested that client demand was weak both at home and abroad, with new export business falling for the first time in three months in December," Markit, which compiles the survey, said in a release. "As a result, manufacturers continued to trim their staff numbers and reduce their purchasing activity in line with lower production requirements."

Aussie is currently being traded around 0.7210 area. Pair is likely to find support around 0.7180 handle and resistance above 0.7250 level. Later today, in the US session, ISM Manufacturing PMI figures are scheduled for a release.

More in this category: « USD - Major events in the week ahead Euro supported by better than forecasted PMI data »

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