China's July CFLP PMI rose to 50.3 which was higher than both market estimates of 49.8 and last month's reading of 50.1. This figure managed to stay above the 50 level which is indicative of an expansionary environment for the manufacturing industry. Most of the major components were higher which, if they are to be believed, might be a harbinger of an economy poised for a rebound. The Aussie jumped about 30 pips from 0.8950 to 0.8980 before retracing a bit to its current level of 0.8969.
- New Exports rose to 50.6 -vs- 50.4
- Production up to 52.4 -vs- 52
- New Export order were higher at 49.0 -vs- 47.7
- Business expectations came in at 56.4 -vs- 54.1