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China's Manufacturing PMI fell to 48.6

Friday, Jul 01 2016
There were no data releases from Australia today, but from China Manufacturing PMI figures were released. Chinese manufacturers reported the sharpest deterioration in operating conditions in four months in June amid economic weakness at home and abroad, with the Caixin China Purchasing Managers’ Index coming in at 48.6. The reading is lower than May’s 49.2, partly because output fell at the quickest pace since February. The June figure was the lowest since January, when the PMI dipped to 48.4, and marks the 16th consecutive month of contraction.
Total new orders decreased in June for the second month in a row for manufacturers, driven by the seventh straight monthly decline in new export sales. Companies also continued to pare back staffing for the 32nd successive month at a rate similar to that in the previous four month. Fewer new orders contributed to a reduced amount of purchasing activity across the manufacturing sector. Meanwhile, companies maintained tighter inventories, with stocks of both pre-production and finished goods falling, albeit at slower rates than in the previous month.
 
Aussie is currently being traded few points above 0.7450 level. Pair is likely to find support around 0.74 handle and resistance above 0.75 level.
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