China March PMIs
Manufacturing 49.5
- expected 49.9, prior 50.2
Non-manufacturing 48.4
- expected 53.2, prior 51.6
Composite 48.8
- prior 51.2
I posted earlier today on that 'expected' for services. Given the manufacturing PMI had been marked down on the surge in COVID-19 cases in China in March it didn't make sense to me that services was still expected strongly in expansion. And here we are. Yeah.
Anyway, boht manufacturing and services now dipping into contraction. Translates into contraction for the composite also. Let's see what April brings for COVID-19 in China, but its difficult to see much improvement. Could be wrong.
Currency impact of the data is minor. EUR/USD, for example, a touch lower:
AUD/USD also off a few ticks only