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?
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