China's Caixin Manufacturing PMI improves to 49.2 in October vs. 49.0 expected

Dhwani Mehta FXStreet

China's Caixin Manufacturing PMI for October arrived at 49.2 vs. 49.0 expected and 48.1 previous, showing that the country’s manufacturing sector activity is showing some signs of improvement amid covid containment.

Although levels of both production and new business fell during October, rates of decline eased.

Wang Zhe, Senior Economist at Caixin Insight Group said, “from the previous month to 49.2, but remained in contractionary territory. This marked the third consecutive month of contraction in manufacturing activities, still weighed down by Covid-19 outbreaks and consequent tightening of prevention and containment measures.”

“Supply and demand in manufacturing contracted in tandem amid persistent Covid outbreaks,” Wang added.

AUD/USD holds above 0.6400

The upbeat print of the Chinese Manufacturing PMI fails to move the needle for the aussie dollar, as AUD/USD keeps its range at around 0.6420, up 0.34% on the day, at the time of writing.

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.