China's Caixin Manufacturing PMI misses estimates with 51.3 in June, AUD/USD unfazed
|China's June Caixin manufacturing PMI came in at 51.3 vs. 51.8 expected and May’s 52.0, showing that the overall health of the country’s manufacturing sector is slowly deteriorating. The gauge hit a three-month low.
On Wednesday, China's official manufacturing PMI eased to 50.9 in June from 51.0 booked in May, the National Bureau of Statistics (NBS) reported.
Comments from Dr. Wang Zhe, Senior Economist at Caixin Insight Group
“The June reading marked the 14th consecutive month of expansion.”
“Both supply and demand in the manufacturing sector continued to expand. The gauges for output and total new orders in June remained in expansionary territory for the 16th consecutive month and the 13th consecutive month, respectively, though the rates of expansion were slower than the previous month.”
“The measure for new export orders dropped at a steeper pace than those for output and total new orders. Surveyed enterprises said the resurgence of Covid-19 in Guangdong province and overseas impacted both supply and demand.”
Market reaction
AUD/USD keeps its offered tone intact on the downbeat Chinese data, inching closer towards the six-month lows of 0.7477. The spot was last seen trading at 0.7485, down 0.16% on the day.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.