The manufacturing PMI for China stood at 51.0, agreeing to what economists projected. This shows a growth in the economy for the manufacturing sector. However, around 45 minutes later, there was another PMI figure out, this time by HSBC. The HSBC final manufacturing PMI was worse that forecast, at 50.7 opposed to 50.8 estimated.
A figure above 50 represents a healthy economy and shows growth. Since the HSBC final manufacturing PMI is of high importance and it missed targets, it did cause a temporary fall for AUD/USD. I would call this noise at the official figures from China was good. The brief fall presented a good opportunity to buy this pair.
In addition, Australia`s cash rate and RBA statement was out at 12.30 pm. This sets a bullish tone for the Australian dollar. Cash rate remained the same, continuing the strength of the Australian dollar after the manufacturing figures from China.
The monetary policy statement by the RBA can be found here. Nothing has changed significantly in the policy.
I went in long and closed with a decent profit for this pair.
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