China's Non-Manufacturing and Manufacturing PMIs have been released as follows:
- Manufacturing 50.1 vs. expected 49.8 vs prior 47.
- Services 54.4 vs, expect 52.0 and prior 41.6
- Composite 52.9 vs. porior 42.6.
AUD/USD update
AUD/USD is still under pressure despite vast improvements.
As illustrated following the Aussie Retail Sales shocker, the Aussie was destined to test the 38.2% Fibonacci as follows:
It was suggested that data might just see the target reached as illustrated above. The analysis was drawn for the market open this week and has played out as a high-probability scenario considering the trapped volume as was explained in the following article: AUD/USD Price Analysis: Inside day Friday opens risk of a lower close on Monday, 0.7050 eyed.
About China NBS Manufacturing and Non-Manufacturing PMIs
China Federation of Logistics and Purchasing (CFLP) publishes the Non-Manufacturing and Manufacturing PMIs on a monthly basis. The gauges highlight the performance of China’s manufacturing and service sectors, which have a significant impact on the global FX market, given the size of the Chinese economy. An expansion in the Chinese sector's activities point to signs of economic improvement and vice-versa.
