ING with a quick assessment on the stumbling manufacturing PMI from China,
- a 3-month low
- main reason was a drop in new orders (49.6) and new export orders (48.3), which both fell back into contraction after two months of expansion
- Production (50.8) remained in expansion for the third consecutive month
- Employment (48.1) remained in contraction for the 15th consecutive month
- raw material purchase prices (56.9) and ex-factory prices (50.4) both hit an 8-month high, which likely precedes a rise in inflation in HS
ICYM the data:
- China May 2024 Official Manufacturing PMI 49.5 (expected 50.5)
The yuan has taken a hit, but the USD has risen against EUR & GBP on the session also..
This article was written by Eamonn Sheridan at www.forexlive.com.
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