China march official manufacturing PMI at 52.0 (Reuters poll 45.0) vs 35.7 in February.
- Services PMI rises to 52.3 vs February 29.6.
- China March official composite PMI at 53.0.
The data has come in and given markets a boost with commodities benefitting, seen in the CRB Index rising 1.9%, copper spiking 1.08% and oil holding in bullish territory, +2.33% for the day so far, trading between $20.22 and $20.73bbls. As for FX, AUD has been whipsawed in a flash crash move through the US dollar.
Prior to the event, literally minutes, the US dollar spiked hard and sent AUD/USD form 0.6194 to a low of 0.6072. The Aussie moved back to the 0.61 handle and popped from 0.6150 to a high of 0.6165 on the data, propped up towards a 61.8% Fibonacci level.
- Meanwhile, the World Bank says growth in developing east Asia and pacific region expected to slow to 2.1% in baseline in 2020 due to coronavirus but could slow to -0.5% in lower case scenario.
- Says growth in China expected to slow to 2.3% in baseline in 2020, or 0.1% growth in lower case scenario vs. 6.1% in 2019.
- Says lower case scenario would see increase of 11 mln people in poverty across the region.
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Description
The Manufacturing Purchasing Managers Index (PMI) released by the China Federation of Logistics and Purchasing (CFLP) studies business conditions in the Chinese manufacturing sector. Any reading above 50 signals expansion, while a reading under 50 shows contraction. As the Chinese economy has influence on the global economy, this economic indicator would have an impact on the Forex market.
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