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Flash: Chinese Flash HSBC PMI below 50 - Nomura

FXstreet.com (Barcelona) - Nomura economist Zhiwei Zhang notes that the HSBC flash manufacturing PMI dropped to 49.6 in May, lower than forecasted.

He believes that the government will not loosen monetary policy to stimulate the economy in Q2 because the labour market is still tight and although headline activity indicators are weaker, they are not collapsing. He writes, “We maintain our view that growth will trend down to 7.5% y-o-y in Q2 and 7.3% in H2, as policy tightens and credit growth slows in Q2.”

USD/JPY rebounds off session lows to 101.80/81

The USD/JPY pair was annihilated overnight, culminating in session lows at 101.44 during European trading Thursday.
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