Back
3 Mar 2014
AUD/USD re-visits 0.8890 low post HSBC China PMI
FXStreet (Bali) - AUD/USD fell towards 0.8890 following the final HSBC China PMI read, which came at 48.5 as expected.
The first initial reaction on the Aussie was to come down to test the 0.8890 low, however, solid bids continue to protect the downside for now.
Commenting on the China Manufacturing PMI™ survey, Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said: “The final reading of the HSBC China Manufacturing PMI confirmed the weakness of manufacturing growth. Signs become clear that the risks to GDP growth are tilting to the downside. This calls for policy fine-tuning measures to stabilise market expectations and steady the pace of growth in the coming quarter."
According to Jim Langlands, Founder at FXCharts: "Ukraine situation is not looking any healthier, and the Aud could be at jeopardy of further selloffs if the market decides that risk aversion is the name of the game. Otherwise we will wait until tomorrow to see what Glen Stevens has to say."
The first initial reaction on the Aussie was to come down to test the 0.8890 low, however, solid bids continue to protect the downside for now.
Commenting on the China Manufacturing PMI™ survey, Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said: “The final reading of the HSBC China Manufacturing PMI confirmed the weakness of manufacturing growth. Signs become clear that the risks to GDP growth are tilting to the downside. This calls for policy fine-tuning measures to stabilise market expectations and steady the pace of growth in the coming quarter."
According to Jim Langlands, Founder at FXCharts: "Ukraine situation is not looking any healthier, and the Aud could be at jeopardy of further selloffs if the market decides that risk aversion is the name of the game. Otherwise we will wait until tomorrow to see what Glen Stevens has to say."