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Daily Report: Asians Stocks and Aussie Weighed Down by China DataAsian equities are generally lower today on weak Chinese manufacturing data. Nikkei drops more than -120pts or -0.6% while HK HSI drops -245 pts, near to -1%. The newly renamed Caixin PMI fell -1.2 points to 48.2, the lowest level in 15 months. The market had anticipated a rise to 49.8. It was the fifth straight month below 50. The weak reading was seen as a big surprise for the markets and reflected the negative impact of recent stock market crash in China. In addition, the recovery in Q2 might not carry on to Q3 on weaker foreign demand and downside risks are intensifying. Aussie responded to the data by extend recent down trend against the greenback and reaches as low as 0.7267 so far. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.7331; (P) 0.7374; (R1) 0.7397; More... AUD/USD's fall resumed after brief consolidation and reaches as low as 0.7267. 100% projection of 0.8161 to 0.7597 from 0.7848 at 0.7284 is already met. Intraday bias is back on the downside for 61.8% retracement of 0.4773 to 1.1079 at 0.7182 next. On the upside, break of 0.7448 resistance is needed to signal short term bottoming. Otherwise, outlook will stay bearish in case of recovery. |
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