Australia’s Commonwealth Bank Manufacturing PMI arrives at 49.8 in June vs. 49.3 expected


Australian manufacturing sector improved but remained in contraction this month, according to the latest data released by both the Commonwealth Bank of Australia (CBA) and the Markit Economics on Tuesday.

The CBA Preliminary Manufacturing Purchasing Managers Index (PMI) arrived at 49.8 in June vs. 49.3 expected and 44.0 last.

The CBA Preliminary Services PMI came in at 53.2 in June vs. 25.7 expected and 26.9 booked in May.

Meanwhile, The CBA Preliminary Composite PMI to 52.6 in the reported month vs. 28.1 previous.

Commenting on the Commonwealth Bank Flash PMI data, CBA Head of Australian Economics, Gareth Aird said, “The June PMIs are consistent with our view that we are now past the low point in economic activity. Overall conditions are still very soft, but there were a few encouraging pieces of information in the PMIs.”

About Australian CBA PMI

The Manufacturing Purchasing Managers Index (PMI) released by both the Commonwealth Bank of Australia and the Markit Economics captures business conditions in the manufacturing sector. As the manufacturing sector dominates a large part of total GDP, the Manufacturing PMI is an important indicator of business conditions and the overall economic condition in Australia. A result above 50 signals is bullish for the AUD, whereas a result below 50 is seen as bearish.

FX implications

With the overall business activity in Australia returning to growth this month, the AUD bulls are receiving an added boost, as AUD/USD clinches a new multi-day high of 0.6925 on the data release.

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Corrective pullback fades below previous support, 200-SMA

EUR/USD remains on the back foot, receding taking rounds to 1.2120-25, amid a sluggish Asian session trading on Wednesday. Sellers to keep reins as unless prices cross three-week-old resistance line. Easing bullish bias of MACD adds to the downside signals.

EUR/USD News

GBP/USD: Bears in control, cling to multi-day support near 1.4080

The GBP/USD pair started the session on Wednesday on a lower note. The pair recovered from the low of 1.4034 on Tuesday to close near the 1.4080 mark, where it waivers now. Momentum oscillator hints at downside momentum.

GBP/USD News

EUR/USD: Corrective pullback fades below previous support, 200-SMA

EUR/USD remains on the back foot, receding taking rounds to 1.2120-25, amid a sluggish Asian session trading on Wednesday. Sellers to keep reins as unless prices cross three-week-old resistance line. Easing bullish bias of MACD adds to the downside signals.

EUR/USD News

These three cryptocurrencies look primed to test the May lows

XLM impulsiveness on bounces has been null since the beginning of June. LTC locked in a symmetrical triangle below the union of the 200-day SMA with the anchored VWAP. CHZ faces a quadfecta of resistance that may require a revolution to defeat.

Read more

Stocks ease ahead of Fed, pricing pressures grow, retail sales drop, mixed dollar

US stocks are slightly softer heading into the FOMC as the stimulus boost wanes, inflation fears grow, and the economic recovery shows signs of softening.  A wrath of US economic data delivered a somewhat mixed picture for Fed policy.

Read more

Forex MAJORS

Cryptocurrencies

Signatures