China's NBS Manufacturing PMI contracts to 49.5 in October vs. 50.2 expected

Dhwani Mehta FXStreet

China’s official Manufacturing Purchasing Managers' Index (PMI) unexpectedly contracted in October, arriving at 49.5 when compared to the 50.2 expansion in September, the latest data published by the country’s National Bureau of Statistics (NBS) showed on Tuesday. The market consensus was for a 50.2 figure.

The index dropped back below the 50 mark, which separates expansion from contraction.

The NBS Services PMI declined to 50.6 in October versus the expected 51.8 figure and 51.7 previous.

AUD/USD reaction to China's PMI data

The downbeat Chinese PMIs weigh on the Australian Dollar, with AUD/USD testing lows near 0.6360. The spot is down 0.13% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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