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China’s Caixin Manufacturing PMI dropped into contraction July – stimulus hope remains

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The data post is here:

Yesterday we had the official PMIs, manufacturing also in contraction on that measure:

AUD/USD dipped a little further on the session, the thing about weaker data from China is that thoughts turn to the possibility of more stimulus. This seems to have cushioned the dip for the AUD so far. I hate to use four-letter words but the “hope” for substantial stimulus continues even while all evidence points to piecemeal efforts only.

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