China’s Caixin Manufacturing Purchasing Managers’ Index (PMI) increased slightly to 50.8 in December, compared with November’s expansion of 50.7, according to the latest data released on Tuesday.
The data beat the market expectations of a 50.4 print.
Key highlights (via Caixin)
“Output and new orders both increase at quicker rates…
…but firms maintain a cautious approach to employment.”
“Inflationary pressures remain soft.”
“Both supply and demand expanded as the market continued its upward trend, boosting production and sales. The subindexes for output and total new orders reached new highs since May and February, respectively, with particularly strong demand for consumer goods,” said Wang Zhe, an economist at Caixin Insight Group.
“But overseas purchasing power remained limited, with the gauge for new export orders in contraction for the sixth consecutive month, despite a softer rate of contraction,” Wang added.
On Sunday, China’s National Bureau of Statistics (NBS) released the country’s official Manufacturing Purchasing Managers’ Index (PMI), which eased further to 49.0 as against the 49.4 contraction reported in November. The market consensus was for a 49.5 readout.
AUD/USD reaction to China’s PMI data
The upside surprise in the Chinese Manufacturing PMI lends support to the Aussie Dollar, with AUD/USD bouncing off session lows of 0.6806 to now trade at 0.6817, up 0.08% on the day.
Australian Dollar price today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.01% | 0.02% | -0.07% | -0.08% | 0.20% | 0.06% | 0.05% | |
| EUR | 0.02% | 0.04% | -0.05% | -0.06% | 0.22% | 0.08% | 0.07% | |
| GBP | -0.02% | -0.04% | -0.09% | -0.13% | 0.19% | 0.04% | 0.01% | |
| CAD | 0.07% | 0.05% | 0.08% | -0.01% | 0.27% | 0.13% | 0.12% | |
| AUD | 0.08% | 0.06% | 0.10% | -0.01% | 0.28% | 0.13% | 0.13% | |
| JPY | -0.21% | -0.22% | -0.18% | -0.28% | -0.26% | -0.13% | -0.14% | |
| NZD | -0.06% | -0.07% | -0.03% | -0.14% | -0.16% | 0.16% | -0.07% | |
| CHF | -0.05% | -0.04% | 0.00% | -0.10% | -0.13% | 0.18% | 0.03% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
Source: https://www.fxstreet.com/news/chinas-caixin-manufacturing-pmi-edges-higher-to-508-in-december-vs-504-expected-202401020146