Chinese Non-Manufacturing and NBS Manufacturing miss the mark (AUD negative)
|China’s official October manufacturing and services PMIs have been released, that was seen at 49.8 and 53.6 respectively.
Data arrived as follows:
- Non-Manufacturing PMI (Oct): 52.8 actual and below the 53.9 expected and 53.7 prior
- NBS Manufacturing PMI (Oct): 49.3 actual below the 49.8 expected and 49.8 prior.
FX implications:
AUD/USD has been on the bid following the inline Consumer Price Index from yesterday's trade and has been attacking the 0.69 handle. However, on this data release, AUD is likely to struggle to gain much traction.
The implications for the world economy are pinned on what goes down on China town and given the Australian's economic ties to the Chinese economy, AUD/USD depends on better results than this.
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