The Australian dollar received support from Chinese statistics
24.07.2014
The Australian Dollar is feeling good this Thursday. The AUD/USD pair is growing for the third day in a row and the instrument is not far from the June highs.
Support for this growth was quite logical. Chinese data on the index of purchasing managers showed an increase up an eighteen month maximum - according to HSBC Holdings Plc and Markit Economics calculations, the figure reached 52 points while the expectation was 51 points and much more weakear report the month before. The range of data coverage is very wide and the release on the PMI was based on a survey of representatives of more than 400 companies. It turns out that the objective business sees improvement in the economy - and it's a very good signal, which was previously lacking.
China is the largest trading partner of Australia, so the Chinese statistics matter for the AUD/USD pair.
This report fits into the fabric of the latest data, which give signals about a more stable position of the Chinese economy than previously anticipated.
RoboForex Analytical Department
Support for this growth was quite logical. Chinese data on the index of purchasing managers showed an increase up an eighteen month maximum - according to HSBC Holdings Plc and Markit Economics calculations, the figure reached 52 points while the expectation was 51 points and much more weakear report the month before. The range of data coverage is very wide and the release on the PMI was based on a survey of representatives of more than 400 companies. It turns out that the objective business sees improvement in the economy - and it's a very good signal, which was previously lacking.
China is the largest trading partner of Australia, so the Chinese statistics matter for the AUD/USD pair.
This report fits into the fabric of the latest data, which give signals about a more stable position of the Chinese economy than previously anticipated.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.