Chinese Yuan And Aussie Trade Lower After China PMI Data
Dailyfx | Aug 05, 2014 02:23AM ET
Talking Points:
- HSBC China Services PMI at 50.0 vs. 53.1 Prior; Composite PMI at 51.6 vs. 52.4 Prior (July Final)
- Services PMI Lowest Since First Report in 2011, Composite PMI Snaps 3-Month Winning Streak
- The Chinese Yuan And The Australian Dollar Trade Lower After the Figures Are Released
HSBC today reported its final Composite and Services PMI figures for China for the month of July. Composite PMI came in at 51.6 vs. 52.4 in the prior month, snapping a three-month streak of improvements. The Services PMI printed at 50.0 vs. 53.1 for June, its lowest reading since the report was first published in August 2011.
The yuan fell against the dollar after the disappointing PMI numbers crossed the wires. The Australians dollar also traded lower after the report was released and ahead of the RBA policy announcement later today. China is Australia’s largest trader partner and a slowdown there usually weighs on the currency amid spillover concerns.
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