China Nov PMIs miss but are having little impact on AUD
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
The monthly manufacturing and Non-manufacturing PMIs released by the China Federation of Logistics and Purchasing (CFLP) on the last day of every month have been released as follows:
The Aussie remains around 0.6685, but there is a bearish biuas below 0.6700.
However, the price is on the backside of the trend so there could be a phase of distribution to play out over the coming days between a wide 0.6800/ 0.6600 range for the parameters hold. While there is liquidity on either side of the range, the downside bias is in play while below 0.6700 resistance:
The official PMI is released before the Caixin PMI, which makes it even more of a leading indicator, highlighting the health of the manufacturing sector, considered as the backbone of the Chinese economy. The data is of high relevance for the financial markets throughout several asset classes, given China’s influence on the global economy.
[/s2If]
Join Our Telegram Group
