AUD Bearish: China’s NBS Manufacturing PMI arrives at 49.4 in June, misses estimates
|On Sunday, the purchasing managers' index (PMI) for China's manufacturing sector arrived at 49.4 in June, the same as that seen in May, the National Bureau of Statistics (NBS) reported.
Markets had predicted a reading of 49.5 in the reported month.
Meanwhile, the Chinese NBS Non-Manufacturing PMI for June arrived at 54.2 vs. 54.5 expected and 54.3 prior.
According to the latest poll of 20 economists, the official Manufacturing Purchasing Manager’s Index (PMI) for June was seen higher at 49.5 from May’s reading of 49.4.
The downbeat data is likely to serve a negative impact on the Australian dollar. However, the US-China trade truce may outweigh the bearish Chinese macro news and keep the sentiment around the AUD/USD pair buoyed. The Aussie is likely to extend its run higher beyond the 0.70 handle.
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