The independent measure of the Chinese manufacturing sector beat expectations and quite big-league. The Caixin manufacturing purchasing managers’ index came out at 51.9 points, significantly better than 50.9 expected. The 50 point mark separates expansion and contraction and this publication is the best since 2013. The Output sub-component reached a high of 53.7 points, rapid growth last seen in January 2011, that’s 6 years. The strength in Chinese manufacturing originates from demand at home, within the second-largest economy, and not from outside. The independent measure from Caixin carries more weight than the government figure released over the weekend. Nevertheless, high production in China results in more robust demand for Australian commodities and the A$ reacts as many markets return from an extended New Year’s weekend. The news helps AUD/USD recover from the lows, bouncing from the 0.7175 support line and reaching a high of 0.7235. The move is somewhat limited due to fresh US dollar strength. Resistance awaits at 0.7250, followed by 0.7375. Support is at 0.71. More: AUD: Time To Sell ‘The Most Overvalued Currency In The World’? – Deutsche Bank Here is how it looks on the 1-hour Aussie/dollar chart: Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next UK manufacturing PMI beats with 56.1 – GBP bounces Yohay Elam 6 years The independent measure of the Chinese manufacturing sector beat expectations and quite big-league. The Caixin manufacturing purchasing managers' index came out at 51.9 points, significantly better than 50.9 expected. The 50 point mark separates expansion and contraction and this publication is the best since 2013. The Output sub-component reached a high of 53.7 points, rapid growth last seen in January 2011, that's 6 years. The strength in Chinese manufacturing originates from demand at home, within the second-largest economy, and not from outside. The independent measure from Caixin carries more weight than the government figure released over the weekend. Nevertheless, high… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
