China’s Caixin Manufacturing Purchasing Managers’ Index (PMI) rose to 51.2 in March from 50.8 in February, according to the latest data released on Tuesday.
The markets were expecting a 51.1 print in the reported month.
Key highlights (via Caixin)
“New orders growth supported by quickest rise in exports since last April.”
“Employment expands for the first time in 19 months.”
“Input prices fall for the first time since last September.”
“Both supply and demand continued to increase. Manufacturers saw their promotional efforts pay off as the market improved. In March, output grew for the 17th straight month and at the fastest pace in four months, while the subindex for total new orders stayed in expansionary territory for the sixth straight month,” said Wang Zhe, an economist at Caixin Insight Group.
AUD/USD reaction to China’s PMI data
The upbeat Chinese Manufacturing PMI helped the Aussie Dollar pare some losses, as AUD/USD recovered to near 0.6240 at the time of writing, modestly flat on the day.
