EUR/USD unchanged. China’s Caixin manufacturing PMI dropped to 49.2.

EUR/USD was relatively stable during the Asian session today. As of 3:00 AM EDT the pair was trading at 1.1129, unchanged from the previous close.

Asian shares were mostly down today. Below is presented the performance of major indices:

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  • Shanghai Composite closed at 2,913.51, down 0.11%.
  • Nikkei 225 lost 1.62% finishing at 16,955.73.
  • Hang Seng was trading at 20,754.89 as of 3:13 PM HKT, which is 0.29% lower than the previous close.
  • S&P/ASX 200 closed at 5,323.20, down 1.03%.
  • India’s Sensex was trading at 26,745.62 as of 12:44 PM IST, which represents a 0.29% increase from the previous close.

According to the data released today, the China’s official manufacturing purchasing managers index stood at 50.1 in May, unchanged from the previous month. The analysts had expected the index to be 49.9.


On the other hand, the Caixin manufacturing PMI index, which focuses on small and medium-sized enterprises, dropped to 49.2 in May, representing the 15th consecutive month of contraction.

“Overall, China’s economy has not been able to sustain the recovery it had in the first quarter and is in the process of bottoming out. The government still needs to make full use of proactive fiscal policy measures accompanied by a prudent monetary policy to prevent the economy from slowing further” said Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group.

Oil prices fell during Asian hours today. As of 3:25 AM EDT the WTI crude was trading at 48.60 USD/bbl down 1.02% and Brent Crude at 49.42 USD/bbl, which is 0.68% lower than the previous close.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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