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AUD/USD Daily Forecast – 03 January

Monday, Jan 02 2017
AUD/USD Daily Forecast – 03 January

There were no data releases from Australia yesterday, but over the weekend, China's Manufacturing PMI figures were released. Activity at China's factories slowed in December but still represented the fifth consecutive month of expansion in the latest sign that the world's No. 2 economy is stabilizing. The monthly purchasing managers' index by the Chinese Federation of Logistics and Purchasing was 51.4 in December, the second highest level of 2016. The highest reading was November's 51.7 the first time the index had hit that level since July 2014. December's figure climbed from 49.7 a year earlier.

China's manufacturing sector picked up throughout the year following an uneasy start in an upbeat sign for the wider Chinese economy, which posted steady growth of 6.7 percent in the third quarter. China's economy has cooled gradually over the past six years as Beijing tries to pivot away from heavy reliance on export-based manufacturing and investment toward consumer spending.

 

There will be no major data releases from Australia tomorrow, but from China Manufacturing PMI figures will be published. No change is expected. In the US session Manufacturing PMI data is scheduled for a release. Analysts forecast incline to 53.7.

 

Figures to watch:

 

Caixin Manufacturing PMI (Tuesday 2:45)

ISM Manufacturing PMI (Tuesday 16:00)

More in this category: « EUR/USD Daily Forecast – 02 January GBP/USD Daily Forecast – 03 January »

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