Article By RoboForex.com

The AUD/USD broke the fall and stabilized at the lows after the publication of statistics from China.

The Australian dollar is falling from the beginning of September, which is for more than three weeks. Naturally, this “drawdown” is not without interruptions – there are pauses when the AUD/USD pair stabilizes, but they are usually short-lived. Such a pause happened just today, AUD suspended its “drawdown” after the release of Chinese statistics, which, contrary to expectations, were decent.

The provisional publication of the index of purchasing managers in China’s HSBC Institute showed that the index in September was 50.5 points with the forecast of a reduction to 50 points and the previous value of 50.2 points.

The main support to the indicator came from new orders, both inside the country and abroad.

This report is quite important, although not as informative as we would like to think. PMI from HSBC usually gives the statistics in terms of timing ahead. The manufacturing sector is quite capable of becoming a solid basis for the growth of China’s economy, but everything is too tightly linked with external orders. So far, according to the components of the report, there are orders.

The release of the final data will be presented on September 30. It’s not time to relax: Chinese statistics can be greatly revised in the positive or the negative side.

For Australia it is very important to the Chinese partner reports a good “state of health”. The better things go in China, the better for Australia.

RoboForex Analytical Department

Article By RoboForex.com

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