- We are 1 hour and 15 minutes away from the release.
- A reading of 49.6 is expected following a surprisingly strong 50.3 last month.
- The market is likely priced a few ticks lower than the ‘consensus’ after last week’s flash estimate of 48.8 from HSBC.
- In November, the 49.0 print was the lowest since early 2009.
- The high estimate is 51.2; low 48.2.
- The average miss from the consensus over the past three months has been slightly more than 1 point.
- Chinese stocks were higher yesterday, partly on rumors of a 52 print
The trend is clearly lower and with hopes for reserve ratio cuts diminishing, the Australian dollar could be in for a rough ride.
