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China's PMI figures beat market forecasts

Friday, Apr 01 2016
Activity levels across China’s manufacturing sector expanded for the first time in eight months in March, according to a report from China’s National Bureau of Statistics (NBS). The government’s manufacturing purchasing managers index (PMI) rose 1.2 points to 50.2, marking the first expansion in activity levels seen since June 2015. It beat expectations for a smaller increase to 49.3.The vast majority of the strength was concentrated in larger firms, offsetting persistent weakness in small and medium sized enterprises.
The non-manufacturing PMI, also released by the NBS, came in at 53.8, some 1.1 points higher than February. Though modest, the expansion was the quickest seen since December last year.Though it tends to receive far less attention than the manufacturing report, this reading is perhaps more important given the government is looking to the services sector to help power China’s economic growth moving forward. A separate, private PMI reading from Caixin Media and Markit Economics rose to 49.7 in March to the highest level since February 2015.
 
Aussie is currently being traded around 0.7650 area. Pair is likely to find support around 0.7550 handle and resistance above 0.7680 level. Later today, in the US session, NFP, Manufacturing PMI and Revised Consumer Sentiment figures are scheduled for a release.
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