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Flash: Chinese MNI flash business sentiment indicator drops in May - Nomura

FXstreet.com (Barcelona) - Nomura economist Zhiwei Zhang notes that the MNI China flash business sentiment indicator fell to 57.1 in May from 58.5 in April, a drop that is smaller than the historical average of 2.1 percentage points from April to May.

He writes, “New orders fell to 56.5 in May from 58.2 in April, and production to 54.3 from 57.3. Both the HSBC PMI and MNI indicator have a strong correlation with the official PMI. With both the flash numbers released, we expect the official PMI (released on Saturday 1 June) to fall to 49.0 in May from 50.6 in April.”

CORRECTION: UK BBA Mortgage Approvals increase to 32.2K in Apr from 31.4K in Mar

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Commodities Brief – Precious metals capped at key resistances, crude recovers and targets upside at 95.50

Gold continues to push higher, however the upside move was initially capped at the 1400.00 key resistance level. Ultimately, a clear break above 1400.00 will confirm investors bullish expectations, and signal a short-term upside reversal initially towards 1445.00-1450.00 area. In these moments, the price of gold is trading at USD $1390.50 per oz. Friday during European trading.
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