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Following the  strong industrial profits in March that matched with strong credit growth which was  well accepted by markets at the start of this week, making for a risk-on tone, the  Chinese  Non-manufacturing and NBS Manufacturing (April) PMIs have just been released as follows:

  • China Non-manufacturing PMI April  54.3  exp 54.5 prior 54.8
  • NBS Manufacturing PMI April  50.1 exp 50.5  prior 50.5

As a result, AUD is 27 pips lower on this.

The bounce in China’s manufacturing PMIs in March has been  a key plank of the narrative of Chinese recovery from a growth slow patch, as analysts at Westpac explained, so there is plenty of interest in this data today which has  started  with the official manufacturing and non-manufacturing surveys.

Next up, we have the  Caixin-sponsored manufacturing PMI which is tilted more towards smaller, private firms. This is due 45 minutes later and is seen at 50.9:

When are Chinese PMIs and how could they affect the AUD/USD?