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China’s Caixin Manufacturing PMI rises to 51.7 in May vs. 51.5 expected
The post China’s Caixin Manufacturing PMI rises to 51.7 in May vs. 51.5 expected appeared on BitcoinEthereumNews.com. China’s Caixin S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose from 51.4 in April to 51.7 in May, according to the latest data released on Monday. The reading beat the market consensus of 51.5 in the reported month. Key highlights (via Caixin) Production expands at most pronounced pace since June 2022. Fastest purchasing activity growth in three years as confidence improves. Input price inflation rises to seven-month high. “Both supply and demand expanded amid the upturn. Growth in manufacturers’ output reached a 23-month high in May, with particularly strong increases in consumption goods production,” said Wang Zhe, an economist at Caixin Insight Group. Wang added, “total new orders registered the 10th straight month of growth, although demand for intermediate goods was relatively weak.” AUD/USD reaction to China’s PMI data The upbeat Chinese Manufacturing PMI underpins the sentiment around the Aussie Dollar, as AUD/USD flirts with intraday highs near 0.6665, at the time of writing, up 0.18% on the day. Australian Dollar FAQs One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD. The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a…
The post China’s Caixin Manufacturing PMI rises to 51.7 in May vs. 51.5 expected appeared on BitcoinEthereumNews.com.
China’s Caixin S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose from 51.4 in April to 51.7 in May, according to the latest data released on Monday. The reading beat the market consensus of 51.5 in the reported month. Key highlights (via Caixin) Production expands at most pronounced pace since June 2022. Fastest purchasing activity growth in three years as confidence improves. Input price inflation rises to seven-month high. “Both supply and demand expanded amid the upturn. Growth in manufacturers’ output reached a 23-month high in May, with particularly strong increases in consumption goods production,” said Wang Zhe, an economist at Caixin Insight Group. Wang added, “total new orders registered the 10th straight month of growth, although demand for intermediate goods was relatively weak.” AUD/USD reaction to China’s PMI data The upbeat Chinese Manufacturing PMI underpins the sentiment around the Aussie Dollar, as AUD/USD flirts with intraday highs near 0.6665, at the time of writing, up 0.18% on the day. Australian Dollar FAQs One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD. The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a…
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