China's Caixin Manufacturing PMI dropped into contraction July – stimulus hope remains

<p>The data post is here:</p><ul><li><a href="https://www.forexlive.com/news/china-june-2023-caixin-sp-global-manufacturing-pmi-492-prior-505-20230801/" target="_blank" rel="follow" data-article-link="true">China June 2023 Caixin / S&amp;P Global Manufacturing PMI 49.2 (prior 50.5)</a></li></ul><p>Yesterday we had the official PMIs, manufacturing also in contraction on that measure:</p><ul><li><a href="https://www.forexlive.com/centralbank/china-official-july-manufacturing-pmi-493-vs-expected-492-services-515-20230731/" target="_blank" rel="follow" data-article-link="true">China official July Manufacturing PMI 49.3 (vs. expected 49.2) &amp; Services 51.5</a></li></ul><p>AUD/USD dipped a little further on the session, the thing about weaker data from China is that thoughts turn to the possibility of more stimulus. This seems to have cushioned the dip for the AUD so far. I hate to use four-letter words but the "hope" for substantial stimulus continues even while all evidence points to piecemeal efforts only. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.