CHINA HSBC/Markit Flash manufacturing PMI for August: 50.3 (I sent the result out on Twitter already, make sure you’re following @ForexLive)
- expected is 51.5
- prior was 51.7
- 3-month low
Commenting on the Flash China Manufacturing PMI survey, Hongbin Qu, Chief Economist, China & CoHead of Asian Economic Research at HSBC said:
- “The HSBC Flash China Manufacturing PMI moderated to 50.3 in August, down from 51.7 in July.
- Both domestic and external new orders rose at slower rates compared to the previous month.
- Meanwhile, disinflationary pressure returned as input and output prices contracted over the month.
- Today’s data suggest that the economic recovery is still continuing but its momentum has slowed again.
- Therefore, industrial demand and investment activity growth will likely stay on a relatively subdued path.
- We think more policy support is needed to help consolidate the recovery.
- Both monetary and fiscal policy should remain accommodative until there is a more sustained rebound in economic activity.”
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The AUD was marked lower immediately after it was “looking a wee bit sick” in the minutes leading up to this data release.
Nothing suss (You might think that, I couldn’t possibly comment)
