Industrial metals are likely to gain strong momentum after China PMI's production data, 51.9 vs 51.4 forecasts. The largest economy in Asia is moving away from worries about delays, as current data returns investors' hopes and complements positive moods after the rise in industrial output.
This raises optimism that the economy may remain sustainable even in the face of growing trade concerns with the United States. Reading PMI is based on a bounce in industrial production and shows that the manufacturing sector is recovering again after a reform period.
I expect support for AUD and NZD, with the JPY likely in the short run.
Source: Bloomberg Pro Terminal
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