The Markit/Caixin manufacturing PMI has been released as follows:
- June Caixin/Markit manufacturing PMI rises to 51.2, highest since Dec 2019 (vs 50.7 in May, Reuters poll 50.5).
- China’s June Caixin/Markit PMI shows export orders shrink at slower pace, employment contraction worsens.
The headline index was expected to be little changed at 50.5, so this is a pleasant surprise.
However, a given that Hong Kong markets are closed for a holiday, there was less liquidity over the data.
The Aussie has shown little reaction to the result, so far, edging higher by a few pips to 0.6911 from 0.6908 as the data was released.
The data comes on the heels of a series of promising economic data from both the US and China of late, and given that there are the two largest economies of the world, investors have been encouraged by the outlook.
Consequently, the Aussie has been a shining star over the past number of weeks, rallying some 28% since mid-March.
AUD/USD outlook
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AUD/USD Forecast: Holding in range, bulls still surging on dips
The description the Caixin China Manufacturing PMI
The Caixin China Manufacturing PMI™, released by Markit Economics, is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private manufacturing sector companies.
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