China PMI: Manufacturing, Services PMI both miss estimates, AUD exposed to short-side risks
|Chinese Manufacturing and Services PMI came in at a miss, and market reaction looks set to send the Aussie lower for it.
- China Manufacturing PMI in at 50.3, forecast was for 51.2, previous figure 51.3.
- China Services PMI in at 54.4, forecast 55.0, previous figure 55.3.
Both PMIs came in lower than forecasts and with Manufacturing PMI barely hanging on to growth balance (sub-50 figure implies economic contraction), the Aussie can expect to get punished as markets trade the knock-on effects of an economic miss for Australia's largest trading partner, China.
Market analysts were anticipating a contraction in figures, but a wider-than-expected miss will pull some itchy short triggers.
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