China’s Caixin Manufacturing PMI jumps to 50.4 in August vs. 50.0 expected
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China’s Caixin Manufacturing Purchasing Managers’ Index (PMI) jumped to 50.4 in August after recording 49.8 in July, the latest data showed on Monday. The market forecast was for a 50.0 figure in the reported month. Key highlights (via Caixin) Faster output expansion in August. Employment stabilises following 11-month run of decline. Average selling prices fall alongside input costs. “Supply and demand expanded at different paces. Manufacturers’ output grew for the 10th straight month in August, accelerating slightly from the previous month,” said Wang Zhe, an economist at Caixin Insight Group. Wang added, “Demand picked up as total new orders resumed growth, with stronger demand for intermediate goods.” Data released by China’s National Bureau of Statistics (NBS) showed Saturday that the official Manufacturing Purchasing Managers’ Index (PMI) fell to 49.1 in August, missing estimates of 49.5. The Non-Manufacturing PMI rose to 50.3 in the same period vs. July’s 50.2 and the expected 50.0 print. AUD/USD reaction to China’s PMI data The upbeat Chinese Manufacturing PMI failed to have little to no impact on the Aussie Dollar, as AUD/USD keeps its range near 0.6770 at the time of writing, up 0.12% on the day. Australian Dollar FAQs One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD. The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian…
Filed under: News - @ September 2, 2024 1:58 am