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Australian Dollar In Whipsaw Trade As China Manufacturing PMI Bounces Back
The Australian Dollar bounced back substantially from a mysterious, sharp pre-data fall Tuesday on news that China’s manufacturing sector surged back to growth this month. The official Purchasing Managers Index for March came in at 52.0, hugely above both the 44.8 expected and February’s record low of 35.7. In the logic of PMIs it takes a reading above 50 to signify contraction for the sector in question, with anything below that pointing to contraction. This release suggests an astonishingly rapid bounce back from the nadirs caused by coronavirus-linked shutdowns, and the hope it brings that the worst may be ... (full story)