China Nov PMIs miss but are having little impact on AUD
|The monthly manufacturing and Non-manufacturing PMIs released by the China Federation of Logistics and Purchasing (CFLP) on the last day of every month have been released as follows:
- China November official composite PMI is at 47.1.
- China November official services PMI falls to 46.7 vs 48.7 in October.
- China November official manufacturing PMI at 48.0 (Reuters poll 49.0) vs 49.2 in October.
AUD/USD update
The Aussie remains around 0.6685, but there is a bearish biuas below 0.6700.
However, the price is on the backside of the trend so there could be a phase of distribution to play out over the coming days between a wide 0.6800/ 0.6600 range for the parameters hold. While there is liquidity on either side of the range, the downside bias is in play while below 0.6700 resistance:
About the China PMIs
The official PMI is released before the Caixin PMI, which makes it even more of a leading indicator, highlighting the health of the manufacturing sector, considered as the backbone of the Chinese economy. The data is of high relevance for the financial markets throughout several asset classes, given China’s influence on the global economy.
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