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Forex & Equities: Chinese Manufacturing Contracts & Session Ranges

Posted by Akhilesh Ganti on May 4, 2014 10:45:00 PM

An unusually quiet start to the trading week due in large part to the bank holiday in Japan but the release of China's HSBC Manufacturing PMI generated a bit of volatility as risk aversion reared its head with USD/JPY and AUD/USD selling off. The forecast was for a reading of 48.3 but the actual number came out at 48.1 and appears to portend a deeper slowdown in the world's second largest economy. The Chinese government's balancing act of trying to rein in credit while stabilizing growth appears to be fraught with risk for the global economy and this is manifesting itself in the financial markets.

Economic Data: {Source: Bloomberg}

Country Event Period Survey Actual Prior Revision
Australia AiG Perf of Services Index Apr -- 48.6 48.9 --
Australia TD Securities Inflation MoM Apr -- 0.40% 0.20% --
Australia TD Securities Inflation YoY Apr -- 2.80% 2.70% --
Australia Building Approvals MoM Mar 1.50% -3.50% -5.00% -5.40%
Australia Building Approvals YoY Mar 31.00% 20.00% 23.20% 22.90%
Australia ANZ Job Advertisements MoM Apr -- 2.20% 1.40% --
China HSBC China Manufacturing PMI Apr F 48.4 48.1 48.3 --

Ranges:{WWM's New ALPHA Trader-WEEKLY charts [EUR, GBP, AUD, YEN, GOLD, OIL, DXY]}(click to enlarge)

FX 050414

Equities:{WWM's New ALPHA Trader-WEEKLY charts [Dow30, SP500, Nasdaq100, Japan225, China, Nifty50, FTSE100, ASX200]}(click to enlarge)

STOCKS 050414

 

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