China Non-manufacturing and NBS Manufacturing (April) PMIs softer than expected (AUD off 27 pips)
Following the strong industrial profits in March that matched with strong credit growth which was well accepted by markets at the start of this week, making for a risk-on tone, the Chinese Non-manufacturing and NBS Manufacturing (April) PMIs have just been released as follows:
- China Non-manufacturing PMI April 54.3 exp 54.5 prior 54.8
- NBS Manufacturing PMI April 50.1 exp 50.5 prior 50.5
As a result, AUD is 27 pips lower on this.
The bounce in China’s manufacturing PMIs in March has been a key plank of the narrative of Chinese recovery from a growth slow patch, as analysts at Westpac explained, so there is plenty of interest in this data today which has started with the official manufacturing and non-manufacturing surveys.
Next up, we have the Caixin-sponsored manufacturing PMI which is tilted more towards smaller, private firms. This is due 45 minutes later and is seen at 50.9:
When are Chinese PMIs and how could they affect the AUD/USD?
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
