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China's Manufacturing PMI slipped to 50.0

Thursday, Sep 01 2016

Operating conditions stagnated across China’s manufacturing sector during August, after a marginal improvement in the previous month. Production and total new orders both rose at slower rates, while export sales continued to decline. Job shedding meanwhile persisted, though the latest reduction in payrolls was the slowest seen in 2016 to date. This in turn contributed to a further rise in backlogs of work. Price pressures eased, with both input costs and prices charged increasing at weaker rates than seen in July.

Commenting on the China General Manufacturing PMI™ data, Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group said: “The Caixin China General Manufacturing PMI for August slipped to 50.0, after a short-lived uptick in July. The index readings for output, new orders and stocks of purchases all declined from the previous month, with the index for inventories of purchases falling back to the territory of contraction. The stagnation that follows tentative signs of recovery in July may have been caused by a temporary tightening of proactive fiscal policies. Downward pressure on China’s economy remains and government support to stabilize growth must continue.”

 

Aussie is currently being traded around 0.7540 area. Pair is likely to find support around 0.75 handle and resistance above 0.7580 level.

More in this category: « Australian Retail Sales unchanged in July UK Manufacturing PMI increased to 53.3 »

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