News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • 💶 Industrial Production YoY (MAR) Actual: 10.9% Expected: 11.6% Previous: -1.8%
  • 🇨🇳 New Yuan Loans (APR) Actual: CNY1470B Expected: CNY1600B Previous: CNY2730B
  • Heads Up:🇬🇧 BoE Gov Bailey Speech due at 09:00 GMT (15min)
  • Heads Up:💶 Industrial Production YoY (MAR) due at 09:00 GMT (15min) Expected: 11.7% Previous: -1.6%
  • Heads Up:🇨🇳 New Yuan Loans (APR) due at 09:00 GMT (15min) Actual: CNY1470B Expected: CNY1600B Previous: CNY2730B
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here:
  • 🇵🇭 Interest Rate Decision Actual: 2% Expected: 2% Previous: 2%
  • Ethereum (ETH)/Bitcoin (BTC) spread just keeps on giving. Bitcoin dominance 42.2%, Ethereum dominance 19.7%. Still some way but flippening? #bitcoin #btc #ethereum #eth @DailyFX Chart via @IGcom
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.64%, while traders in GBP/JPY are at opposite extremes with 66.48%. See the summary chart below and full details and charts on DailyFX:
Australian Dollar Inert After Steady China Caixin PMIs

Australian Dollar Inert After Steady China Caixin PMIs

David Cottle, Analyst

Talking Points

  • The Australian Dollar hardly twitched on a solid if unexciting set of China PMI numbers
  • Manufacturing seems to be doing a little better than the service sector, but both continue to expand
  • Attention is elsewhere thanks to heightened expectations of a near-term US interest rate rise

The Australian Dollar hardly moved Friday on news that China’s service sector economy expanded more modestly in February.

The Purchasing Managers Index for the service sector from Chinese media company Caixin and western research firm Markit came in at 52.6, below January’s 53.1. Taken together with Caixin’s manufacturing PMI, released on Wednesday, that yielded a composite score of 52.6, which is a little above January’s 52.2

In the logic of PMIs any reading above 50 signifies an on-month expansion in the sector in question. A reading below that means contraction. The report noted, that while manufacturing expansion had picked up pace, service sector growth softened slightly. Inflationary pressure continues to ease, though it went on, while employment across all sectors rose for the first time since May, 2015.

All up this was a ‘steady as she goes’ snapshot of the Chinese economy, and markets seem to have taken it as such. The Australian Dollar often acts as a liquid proxy for China given its home nation’s huge raw material export links with that country. This time however there was very little reaction to the data. AUD/USD stayed put around 0.75630.

Like most other markets the Aussie focus is squarely on the US and the apparently rising chance of an interest-rate rise there this month. One Federal Reserve speaker after another seems to be priming markets for this.

No reaction: AUD/USD

Australian Dollar Inert After Steady China Caixin PMIs

Chart Compiled Using Trading View

Caixin provides an alternative reading from China’s official PMI releases, at about the same time. It concentrates on smaller, private business rather than the state-controlled giants which make up much of the official data.

We’re well into the year’s first quarter, how are DailyFX analysts’ forecasts holding up?

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter:@DavidCottleFX


DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.