The China manufacturing PMI from HSBC is the main headline as the index rose to 50.8 from 49.4. The Australian dollar spiked to 0.9430 from 0.9390 immediately after the release and continued higher to 0.9445 but has stalled ahead of heavy offers at 0.9450.
China PMI
Officials in China are less optimistic than the latest numbers but copper prices have also gained for 7 straight days, including 1.4% today. MNI reported today that the Chinese government is closely watching conditions and may continue to introduce modest stimulus measures. They cited a senior government official.
Sentiment about China is negative but there are plenty of reasons for optimism and the Australian dollar is suddenly on the verge of a breakout.
Australian dollar
