- China HSBC Flash PMI at 47.8 (prior 49.3) a nine month low .
- New export orders sub-index drops to 44.7 worst since March 2009 .
The dollar continued soft on post dovish FOMC easing hopes . The only major release showed a disappointing Chinese HSBC flash PMI of 47.8 (10 months now below the 50 expansion/contraction line ) gives the PBOC reason to further stimulate growth .
EUR/USD continued on its merry way , testing higher and finally triggering stops at 1.2540. Resistance at 1.2550 (barrier) was touched with 1.2553 being the high of the move . Stops building now through 1.2555 on the way to 1.2580 offers and then large stops above 1.2600. Buying now 1.2500/10 down through 1.2470/80.
USD/JPY was a non-event trading around the the 78.50 level with the high being 78.64 and low 78.47.
AUD/USD has held up well considering the disappointing PMI number and the statement by Australian resources minister stating “The resources boom is over”. The 1.0500 level saw solid buying interest early and touched off stops through 1.0520 reaching a high of 1.0545 before the PMI number sell-off to 1.0510. AUD/USD continues to consolidate here at 1.0520 with stops now scattered above 1.0560 along with good offers .
Have A Good Day.
