AUD/USD Daily Forecast – 05 January

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Monday, Jan 04 2016

There were no data releases from Australia yesterday, however, from China Manufacturing PMI figures were released. The Caixin Purchasing Managers' Index (PMI) came in weaker than expected, spurring fresh fears over China's economic growth and sending markets around the region lower. The manufacturing PMI fell to 48.2 in December, from 48.6 in November, contracting for a tenth month and coming in below a Reuters poll forecast for 49.0. Levels below 50 indicate contraction. The Caixin PMI is a closely-watched gauge of nationwide manufacturing activity, which focuses on smaller and medium-sized companies, filling a niche that isn't covered by the official data.

In the US session, also, Manufacturing PMI figures were released. The December PMI registered 48.2 percent, a decrease of 0.4 percentage point from the November reading of 48.6 percent. Rise to 49.1 was anticipated. As was the case in November, 10 out of 18 manufacturing industries reported contraction in December. Contraction in new orders, production, employment and raw materials inventories accounted for the overall softness in December.

With no major data releases both from Australia and USA tomorrow, we can expect a bit steadier session, though liquidity is definitely back at the markets. We would pay attention to developments in China and commodity prices.

More in this category: « EUR/USD Daily Forecast – 04 January GBP/USD Daily Forecast – 05 January »

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