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China’s manufacturing PMI drop from 50.8 to 50.2, only just above the key 50 level, and much weaker than the 50.6 expected, points out the research team at Rabobank.

Key Quotes

“That’s a double shocker, first in that we actually got a Chinese number that was a relative surprise, and second because it shows that even before any major impact from the trade war kicks in we already have Chinese manufacturing slowing to a stand-still. That seems likely to be a trigger for another wave of market speculation of when we see that scary 7 number on our screens, and what it will portend.”