China PMI Disappoints in More Bad News for the Economy
Rowan Crosby • 1 min read
Today’s Chinese PMI has come in below expectations in what is now becoming a clear trend for the Asian powerhouse.
Manufacturing PMI came in at 49.2 with the expected number being 49.5 and the prior being 49.5.
This is the 3rd consecutive month of contractions and a three year low.
The entire economy is starting to get squeezed by the US-China trade wars as well as a slowing economy overall.
The news didn’t have a huge impact on the AUD/USD which is generally a good proxy for the Chinese market.
Currently, the AUD/USD is slightly higher on the session but has fallen away from the 0.7200 level.
The NZD/USD is only trading a few pips lower on the session thanks to the weak data along with a big miss in business confidence.
The Kiwi is also significantly off the key 0.6900.