China’s Caixin manufacturing PMI is expected to improve to 49.0 from 49.2 in October. | So Good News
China’s Caixin manufacturing PMI for October came in at 49.2 versus expectations of 49.0, up from 48.1 previously, and the country’s manufacturing sector activity is showing some signs of improvement amid Covid-19 containment.
Both manufacturing and new business declined in October, but the rates of decline moderated.
Wang Zhe, senior economist at Caixin Insight Group, said: “It was up to 49.2 last month, but remained in contraction territory. This marks the third consecutive month of contraction in manufacturing activities due to the outbreak of Covid-19 and the tightening of prevention measures.”
“Manufacturing and demand are shrinking simultaneously amid ongoing Covid outbreaks,” Wang added.
AUD/USD is above 0.6400.
As the AUD/USD is hovering around 0.6420, A fluctuating print of Chinese manufacturing PMI failed to move the needle for the Australian dollar as it was up 0.34% at the time of writing.