5 Nov 2013
Flash: The Australian dollar is supported on China momentum - BTMU
FXstreet.com (London) - Lee Hardman, Currency Analyst at The Bank of Tokyo-Mitsubishi UFJ, Ltd said the Australian dollar is also deriving support from improving cyclical momentum in China although that has yet to feed through to a material improvement in Australia terms of trade to support a stronger Australian dollar.
Key Quotes:
“The release of HSBC/Markit’s China services PMI survey for October revealed that business confidence increased by 0.2 point to 52.6 which remains less buoyant than the official non-manufacturing PMI survey at
56.3”.
“The outlook for global trade continues to gradually improve with the
JPMorgan/Markit global manufacturing PMI survey rising to its highest level
since June 2011”.
Key Quotes:
“The release of HSBC/Markit’s China services PMI survey for October revealed that business confidence increased by 0.2 point to 52.6 which remains less buoyant than the official non-manufacturing PMI survey at
56.3”.
“The outlook for global trade continues to gradually improve with the
JPMorgan/Markit global manufacturing PMI survey rising to its highest level
since June 2011”.