Technical Analysis

Australia data – October Manufacturing PMI 52.7 (preliminary 52.8, prior 53.5)

Eamonn Sheridan

S&P Global / Markit Manufacturing PMI from Australia for October.

Comments from Markit:

  • The latest Australian Manufacturing PMI reflected
    continued expansion at the start of the fourth quarter,
    though the rate of growth slowed from September.
    Foreign demand for Australian manufactured goods
    notably saw growth slow to almost a halt in the latest
    Positively, suppliers’ delivery times lengthened at
    the slowest rate since before the COVID-19 pandemic
    hit while prices also increased to the weakest degree
    since early 2021. This suggested the easing of these
    manufacturing sector constraints, although there
    remained some reports that purchasing activity
    remained mildly affected by supply issues.
    Business sentiment meanwhile showed signs of a
    turnaround with the uplift in business confidence from
    the September low, which was a positive sign for sector
    growth in the near-term.

AUD/USD is little changed on the data release.

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