News Column

Aussie Strengthens As China Manufacturing PMI Hits 5-month High

May 21, 2014

CANBERA (Alliance News) - The Australian dollar advanced against the other major currencies in early Asian deals on Thursday, as China's manufacturing activity advanced to a five-month high in May.

The latest survey from HSBC and Markit Economics revealed that an index measuring manufacturing activity in China came in with a score of 49.7 in May

That topped forecasts for a score of 48.3 and was up sharply from 48.1 in April - and while it does remain below the line of 50 that separates expansion from contraction

The aussie climbed to 2-day highs of 0.9260 against the greenback, 1.0104 against the loonie and 1.4759 against the euro.

The aussie that ended yesterday's deals at 1.0778 against the kiwi and 93.94 against the yen advanced to 2-day highs of 1.0801 and 93.76, respectively.

The aussie may face resistance around 0.935 against the greenback, 1.02 against the loonie, 1.47 against the euro, 1.085 against the kiwi and 94.5 against the yen.

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Source: Alliance News

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