The Caixin Manufacturing PMI for March has come in at 50.8 vs 50.1 expected which is up from the previous reading of 49.9.

The Chinese economy has been putting out a series of relatively poor data points for some time now, as concerns around growth continue to weigh on markets. So this result comes as a little bit of a shock, but a positive nevertheless.

The AUD/USD has gapped higher this morning and is holding above the 0.7100 mark. It, of course, is a good proxy for the Chinese economy, given the strong export/import ties between the two nations.