The US Dollar found support in Asian trade on easing concerns that the trade war between the United States and China was escalating. FX traders are cautious as they await news on the health of the Chinese economy, the second largest om the globe. Earlier, markets learned that the NBS PMI surveys for September for China's manufacturing and non-manufacturing sectors had mixed results. The manufacturing PMI came in with a reading of 49.8, slightly better than the 49.7 expected, while the non-manufacturing sector was unexpected lower at 53.7, down from an expected 54.2.
The USD/JPY pair was higher at 107.9400 Yen at 10:29 am in Tokyo; the pair has ranged from a low of 107.848 Yen to a peak of 108.033 Yen. The EUR/USD was lower at $1.0933, down 0.0622% while the GBP/USD was flat at $1.2288.
Caixin PMI Beats Expectations
The potentially market-moving Caixin Manufacturing PMI survey for September was also released a short while ago. The latest poll of economists and analysts had suggested a decline in the reading to 50.2, from 50.4. The actual reading was unexpectedly upbeat, coming in higher at 51.4. Any reading above the 50.0 threshold is indicative of a sector still in expansion mode.
