China PMI Data Knocks AUD/USD, but No Worries - TD Securities

        0309 GMT [Dow Jones] AUD/USD fell to 0.9253 after HSBC's final China manufacturing PMI was revised down to 48.1 from a flash estimate of 48.3, but China economic jitters are overblown according to TD Securities. "For the last two years, Chinese GDP growth has fluctuated between 7.4-7.9%, whilst this PMI measure has fluctuated from 47.6 to 52.3," says TD Securities Head of Asia-Pacific Research, Annette Beacher. "We don't read anything into this release, and continue to expect GDP growth to remain around 7.5% into the June quarter." With the Reserve Bank meeting Tuesday and employment data due Thursday, Beacher tips range-trading within 0.9250-0.9300. (david.rogers@wsj.com; Twitter: @DRWSJ)
        (END) Dow Jones Newswires

        May 04, 2014 23:09 ET (03:09 GMT)