Japanese markets are closed till Thursday due to public holidays, however Chinese stocks traded lower following negative data. The China HSBC Manufacturing PMI for April showed a reading of 48.9, this figure indicates that the manufacturing economy is declining, and has continued to decline for a second consecutive month. The Hang Seng Index was down by 0.03% and the Shanghai Composite was down 0.21% by the close of the Asian session. Following the release of positive data from Australia, the AUD/USD traded with Bullish sentiment and the pair is now trading above 0.784. The Building Approvals for March rose 2.8%, significantly higher than the expected decline of 2%. Australia is expected to lower interest rates tomorrow from 2.25% to 2%, this move could cause the AUD to decline against a basket of major currencies.
During the European session, the Euro traded lower against a basket of major currencies, despite European data beating expectations. The German Manufacturing PMI showed a reading of 52.1, slightly lower than the previous month’s figure of 52.8. Furthermore, the manufacturing PMI for the Eurozone indicated expansion with a reading of 52, but slightly lower than the March figure of 52.2.
The Dollar is trading higher against a number of paired currencies following a number of positive reports from the United States. On Friday, data showed that the Michigan Consumer expectations rose 88.8, above the expected figure of 88.1 and more data released today showed that the U.S. Factory Orders for the month of March grew at its fastest rate in 8 months with a 2.1% increase, slightly higher than the expected 2%. This positive data has boosted sentiment over the economic recovery and expectations over a highly anticipated interest rate hike.
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