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BNPP: AUD rebounds temporarily post-China PMI - eFXnews

FXStreet (Łódź) - The eFXnews team comment that BNPP observed a temporary AUD rally following the release of better than expected Chinese HSBC flash PMI.

Key quotes

"'China’s HSBC flash PMI delivered a pleasant surprise, rising 0.3ppt to 50.5, after a sharp decline in August,' notes BNP Paribas."

"'Export orders were the biggest bright spot while domestic demand also strengthened on new stimulus measures. Our economists believe IP growth will pick up moderately in September but Q3 GDP growth will fall to around 7.1% y/y,' BNPP projects."

"'The Chinese rebound has helped AUD rally but we see this strength as temporary and we are very happy to stick with our short AUDCAD,' BNPP advises."

"'We also think the CAD should be a relative outperformer among commodity bloc currencies and we remain short,' BNPP adds."

"BNPP maintains a short AUD/CAD targeting 0.97."

'This content has been provided under specific arrangement with eFXnews.'

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