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AUD/USD Daily Forecast – 10 October

Monday, Oct 09 2017
AUD/USD Daily Forecast – 10 October

There were no data releases from Australia, yesterday, but from China Services PMI figures were published. The Caixin China Composite PMI™ data (which covers both manufacturing and services) signalled a weaker expansion in total Chinese business activity at the end of the third quarter. Notably, the Composite Output Index fell from 52.4 in August to a three-month low of 51.4 in September. The slowdown was driven by weaker increases in output at both manufacturing and services companies. A drop in the seasonally adjusted Caixin China General Services Business Activity Index from 52.7 to 50.6 in September pointed to only a marginal increase in services activity that was the slowest for 21 months.

At the same time, growth in manufacturing production edged down to a three-month low. Weaker expansions in activity coincided with a slowdown in new order growth across both monitored sectors. While manufacturers signalled the softest increase in new business for three months, service providers saw only a modest upturn in new order books. A number of companies mentioned that relatively subdued client demand had weighed on sales at the end of the third quarter. As a result, composite new work increased at the weakest pace since June.

 

From Australia, tomorrow, NAB Business Confidence figures will be released. Analysts are hoping for another good reading this month. There will be no major data releases in the US part of the session.

 

Figures to watch:

 

NAB Business Confidence (Tuesday 3:30)

Last modified on Tuesday, 10 October 2017
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