The HSBC Flash Purchasing Manager's Index showed a reading of 50.4 which signals an expansion. It is the first time it has been above 50 in 13 months.
While not a strong reading in itself, the fact that technically the Chinese economy is not slowing down is seen as a positive. The EUR/USD jumped to a week high boosted by the news. Today is the Thanksgiving holiday in the US with lower liquidity. Monday when all the market participants are back will show the true impact of the HSBC survey results.
IMOH, Patrick E.
+234 803 616 2613
+234 802 846 3657
No comments:
Post a Comment