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31 Jan 2020

AUD/JPY extends gains on upbeat China PMI

  • AUD/JPY hits session high above 73.40 on China data. 
  • Manufacturing PMI matched estimates, while the Non-Manufacturing PMI came in higher than expected at 54.1.

The bid tone around the Aussie dollar strengthened on upbeat Chinese PMI numbers, pushing the AUD/JPY pair to a session high of 73.44. 

The NBS Manufacturing PMI (Jan) came in at 50 as expected. Meanwhile, the Non-Manufacturing PMI printed at 54.1, bettering the estimate of 53.5.The manufacturing activity did not contact (below-50 PMI) despite the coronavirus outbreak. 

The data has been well received by markets, as evidenced by the uptick in the Aussie dollar pairs. Having turned higher from 73.00 to 73.30 in early Asia, the AUD/JPY pair extended gains by 13 pips following the release of China’s PMI numbers. 

The pair may rise further if the equity markets continue to regain poise. The US stocks eked out gains on Thursday with the Dow Jones Industrial Average rising by 0.43%. The futures on the S&P 500 are currently reporting a 0.20% gain. 

Fears that Coronavirus may turn into a pandemic ebbed afterWHO Director General Tedors Adhanom Ghebreyesus declared the coronavirus a global health emergency, but backed China’s efforts to contain the outbreak.

Technical levels

 

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