The manufacturing sector in China continued to expand in August, albeit at a slower pace, the latest survey from the National Bureau of Statistics or NBS said on Monday with a manufacturing PMI score of 51.0. The latest data shows a decline from 51.1 in July though it remains above the level of 50 that separates expansion from contraction. The NBS also said on Monday that its non-manufacturing index came at 55.2, up from 54.2 in the previous month.
Shanghai base metals, except for aluminium, opened on a positive note on Tuesday morning, holding onto overnight gains, while their counterparts on the LME increased across the board, as the dollar hit two-year low on the back of the US Federal Reserve’s policy shift on inflation. Results of a private survey on Tuesday showed China’s manufacturing activity expanded in August at the fastest pace in nearly a decade. The Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) came in at 53.1 for August, compared to 52.8 in July. Japan’s factory output rose for a second straight month in July, while retail sales fell for a fifth straight month.
TREND : BULLISH
Time : 01/09/2020
Pivot : 3.0247
Technical View : LONG ABOVE 3.0382
Target : 3.0517, 3.0631, 3.0872
Technical View : SHORT BELOW 3.0184
Target : 3.0122, 2.9891, 2.9767