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China data beats expectations fuelling a bid in AUD
The Chinese Manufacturing Purchasing Managers Index (PMI) and the official non-manufacturing PMI, released by China Federation of Logistics and Purchasing (CFLP) have been released as follows, bringing the August official composite PMI at 51.7 to, bullish for AUD crosses:
- China August official manufacturing PMI at 49.4 (Reuters poll 49.2) vs 49.0 in July.
- China August official services PMI falls to 52.6 vs 53.8 in July.
AUD/USD has popped to highs of 0.6866 on the data.
(10min chart)
(Houlry chart)
The data has given the Aussie a boost which is now extending the bullish impulse and moving away from the W-formation;'s neckline as illustrated on the hourly chart above. The resistance in the 0.6870s/80s is eyed for the sessions ahead.
Why it matters to traders?
The monthly manufacturing PMI is released by China Federation of Logistics and Purchasing (CFLP) on the last day of every month. The official PMI is released before the Caixin Manufacturing 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.
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