The Caixin China General Manufacturing PMI for September edged up slightly from the August level to 50.1, above the neutral 50-point level separating expansion from contraction. The indeks readings for new orders and stocks of purchases improved from the previous month while the reading for output slipped, but remained in expansion territory.
The readings for the manufacturing PMI over the past three months seem to indicate that the economy has begun to stabilize. But given that the growth rate of fiscal income has slowed recently while expenditures have swung, there is insufficient momentum to drive future economic growth, and there is a risk that industrial output may decline.
Aussie is currently being traded around 0.7660 handle. Pair is likely to find support around 0.76 area and resistance above 0.77 level.
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