China manufacturing PMI: Export orders fall at fastest pace since Feb 2009

Omkar Godbole FXStreet Contributor

China's manufacturing activity gauge hit a three-year low in February as export orders fell at the fastest pace since February 2009.

The official Purchasing Managers' Index (PMI) fell for the third straight month, dropping to 49.2 in February.

Notably, new export orders sub-index fell to 45.2 from 46.9 in January, according to Nikkei Asian Review. That is the ninth straight monthly drop and the lowest reading since February 2009.

The declining trendline will likely continue unless the US and China reach a breakthrough trade deal, ending the tariff war.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD turns negative near 1.1850

EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.