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Global macro overview for 02/11/2015

Global macro overview for 02/11/2015:

China's Markit Final Manufacturing PMI has been released earlier today and has not disappointed the market participants. The general consensus was 47.7 (slightly better than the last month score of 47.1), but the real figure was at the level of 48.3. The last three PMI data readings might suggest that the manufacturing sector is starting to picking up in China, supported by foreign demand and services sector. Nevertheless, please remember that any reading below 50 indicates a contraction not an expansion.

The AUD/USD pair is rather sensitive to any Chinese news release, but so far the market did not show any sighs of sell-off yet. After the golden channel breakout, the price has bounced back to the congestion area and now is testing the channel line from above. The next support is seen at the level of 0.7084 and next resistance is seen at the level of 0.7181.

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