Caixin Manufacturing PMI Beats Expectation: AUD/USD Jumps

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.