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20 Feb 2014
Flash: Expect a weak China HSBC PMI in Feb - Westpac
FXStreet (Bali) - The main Asian data focus will be the ‘flash’ Feb China manufacturing PMI from HSBC/Markit (1.45 GMT), notes Sean Callow, FX Strategist at Westpac,
Key Quotes
"This survey of course had a large negative impact on risk assets a month ago when it slipped to 49.6 from 50.5 in Dec, below all forecasts."
"Despite obvious reservations over the huge seasonality in Jan-Feb and the limited scope of the survey (420 firms versus 3000 firms in the official PMI), there will be plenty of market tension today."
"Economists now forecast this release, with a median of 49.5, steady versus the final Jan reading but a range of 48.8 to 50.6. The details of the Jan survey incline us to expect a weak reading in Feb but not to place too much weight on it."
Key Quotes
"This survey of course had a large negative impact on risk assets a month ago when it slipped to 49.6 from 50.5 in Dec, below all forecasts."
"Despite obvious reservations over the huge seasonality in Jan-Feb and the limited scope of the survey (420 firms versus 3000 firms in the official PMI), there will be plenty of market tension today."
"Economists now forecast this release, with a median of 49.5, steady versus the final Jan reading but a range of 48.8 to 50.6. The details of the Jan survey incline us to expect a weak reading in Feb but not to place too much weight on it."