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The Australian Dollar rallied against the Japanese Yen after China released better than expected Manufacturing PMI data. Prospects of stronger economic growth for the world’s second largest economy boosted risk appetite and demand for the Aussie.
Official Chinese Manufacturing PMI came in at 50.3 for March, beating economists’ estimates of 50.1 and February’s 50.2. Chinese PMI has remained above 50 since September 2012; readings above 50 indicate expansion in manufacturing.
Markets faced brief uncertainty however, as subsequent China PMI data from HSBC came in barely missing estimates and causing a short-lived sell off for the Aussie Dollar. HSBC Manufacturing PMI came in at 48.0, slightly below estimates calling for 48.1.
AUDJPY (5min Chart) – April 1, 2014 | Created with FXCM Marketscope