Better than expected China's Manufacturing PMI
Christophe Chevalier September 30, 2020 3:45 PM
China's official Manufacturing PMI rose to a 6-month high of 51.5 in September from 51.0 in August. Australian economy remains closely linked to China.
Earlier today, China's official Manufacturing PMI rose to a 6-month high of 51.5 in September (51.3 expected) from 51.0 in August and Non-manufacturing PMI climbed to the highest level since November 2013 at 55.9 (54.7 expected) from 55.2. On the other hand, China's Caixin Manufacturing PMI slipped to 53.0 in September (53.1 expected) from 53.1 in August. Australian economy remains closely linked to China.
From a technical point of view, on a daily chart, AUD/USD has broken below an internal rising trend line and stands below its 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 0.7200. The nearest threshold would be set at September bottom at 0.7000 and a second one would be set at horizontal support at 0.6800 in extension.
Source: TradingView, GAIN Capital
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.