China`s manufacturing PMI (Purchasing Managers Index) for May outperformed expectations by expanding more than estimates and April. The actual figure, at 50.8 was more than 50.4 in April and 50.7 initially estimated.
Purchasing Managers Index is an indicator on how well the manufacturing sector is doing. A figure above 50 represents an expansion, while below 50 shows a contraction. A more precise explanation can be found here.
Most forex brokers do not have the option to trade a Renmimbi pair so the next best option is to trade the Australian Dollar. For a scalper, a gain should be possible with a trade in favour of the AUD tomorrow when the markets open. For instance buying AUD/USD should give scalpers a few easy pips. Traders should not hold this pair too long as Australia has several key economic data out tomorrow, starting with the buildings approval at 9.30 am.
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