The Australian and New Zealand currencies rose today as expansion of China’s manufacturing sector beat forecasts, resulting in risk appetite and demand for growth-related currencies. The currencies lost some of their gains by now. China’s manufacturing Purchasing Managers’ Index was at 50.4 in November, unchanged from the October value, while economists predicted a drop to 50.2. The HSBC China Manufacturing PMI was also little changed at 50.8, exceeding analysts’ expectations and the preliminary figure. … “China’s Manufacturing Expansion Makes AUD & NZD Attractive”
Month: December 2013
World Trade Changes as the Yuan Becomes More Flexible
Earlier in November the head of the People’s Bank of China said that the country will steadily make the yuan more flexible and market-driven by expanding its trading band. The Chinese Central Bank plans to gradually exit from its regular intervention in the foreign exchange market. This announcement meant good news for traders who have … “World Trade Changes as the Yuan Becomes More Flexible”