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Caixin Manufacturing PMI at the highest level since 2015

Monday, Aug 01 2016

Caixin released their manufacturing PMI data which smahed expectations, surging to 50.6 - its highest since February 2015. Following the notable USD weakness on Friday (thanks to BoJ disappointment), and the apparent recovery of the Chinese economy (just need another trillion or two of credit to keep the dream alive), PBOC strengthened the Yuan fix by 0.35% - the most since mid-June... extending the 9-day gain to the most since September 2010.

The government’s official manufacturing purchasing managers’ index (PMI) declined slightly to 49.9 in July on a scale where a reading below 50 is generally associated with economic expansion. The official manufacturing PMI gauge has hovered right around 50 since March after seven months of contraction. A median estimate of economists called for a PMI reading of 50.1.

 

Aussie is currently being traded around 0.7570 area. Pair is likely to find support around 0.75 handle and resistance above 0.76 area.

Last modified on Monday, 01 August 2016
More in this category: « USD - Major events in the week ahead Spanish Manufacturing PMI fell to 51.0 »

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