The official April non-manufacturing and manufacturing PMIs have been revealed as follows:
- Chinese Non-Manufacturing PMI Apr: 54.9 (exp 56.1; prev 56.3).
- Chinese Manufacturing PMI Apr: 51.1 (exp 51.8; prev 51.9).
The data has missed expatiations but the Aussie is steady.
The Markit/Caixin manufacturing PMI is due 45 minutes later; it was a modest 50.6 in March.
Meanwhile, the Aussie has been boosted by a soft US dollar and a promising outlook for a global growth recovery which is supporting the commodity complex.
AUD/USD Daily chart
Description of the Manufacturing Purchasing Managers Index (PMI)
The Manufacturing Purchasing Managers Index (PMI) released by the China Federation of Logistics and Purchasing (CFLP) studies business conditions in the Chinese manufacturing sector.
Any reading above 50 signals expansion, while a reading under 50 shows contraction.
As the Chinese economy has influence on the global economy, this economic indicator would have an impact on the Forex market.
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