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USD Softens Post Mixed China PMI Data

CHINA DATA

The net market reaction is positive post the China PMI. AUD/USD is through 0.6500, building on earlier gains, while USD/CNH is down through 7.2900, remaining within recent ranges. Hong Kong equities are +0.95%, after opening around 0.50% higher. To recap, the manufacturing PMI again surprised to the upside, coming in at 49.7, versus 49.2 expected. We remain below the 50.0 expansion/contraction point though. The services PMI slipped to 51.0, versus 51.2 expected and 51.5 prior. More details to follow.

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