China's NBS Manufacturing PMI drops to 50.4 in July vs. 50.8 expected
|The purchasing managers' index (PMI) for China's manufacturing sector dropped to 50.4 in July from 50.9 in June, the latest data published by the National Bureau of Statistics (NBS) showed Saturday. The actual data missed the consensus estimate of 50.8.
Meanwhile, the Non-Manufacturing PMI eased slightly to 53.3 in July from 53.5 in June. A reading above 50 indicates expansion, while a reading below suggests contraction.
Implications for AUD/USD
Discouraging NBS PMI numbers could strengthen the offered tone around the aussie dollar, with AUD/USD seen falling further towards 0.7300.
Potentially exerting additional downside pressure on the major, Brisbane joined Sydney in lockdown after six new cases of the delta covid variant were reported in Queensland’s state capital, exacerbating the pain in the major.
On Friday, the aussie extended its corrective pullback from eight-day highs of 0.7415 and hit 0.7330 lows before recovering modestly to end the week at 0.7345, still down 0.68% on the day.
Read: AUD/USD Weekly Forecast: Bears are on pause but retain control
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.