China's Caixin manufacturing PMI unexpectedly drops to 50.6 in March, AUD/USD in weekly lows
|China's March Caixin manufacturing PMI came in at 50.6 vs. 51.3 expected and 50.9 last, showing that the overall health of the country’s manufacturing sector continues to improve modestly.
On Wednesday, China's official manufacturing PMI rose to 51.9 from 50.6 in February, per the National Bureau of Statistics (NBS).
Comments from Dr. Wang Zhe, Senior Economist at Caixin Insight Group
“The Caixin China General Manufacturing PMI came in at 50.6 in March, down from 50.9 the previous month. “
“The March reading was the lowest since April 2020, despite marking the 11th consecutive month of expansion.”
“That indicates the post-epidemic recovery was continuing to falter.”
Market reaction
AUD/USD extends its weakness and reaches fresh weekly lows at 0.7575 on an unexpected drop in the gauge. The spot is down 0.27% so far.
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