{"id":98167,"date":"2020-03-31T04:00:21","date_gmt":"2020-03-31T08:00:21","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=98167"},"modified":"2020-03-31T04:18:55","modified_gmt":"2020-03-31T08:18:55","slug":"102859-gbp-aud-aussie-backed-by-chinas-manufacturing-data","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102859-gbp-aud-aussie-backed-by-chinas-manufacturing-data\/","title":{"rendered":"GBP\/AUD: Aussie Backed by China\u2019s Manufacturing Data"},"content":{"rendered":"<p><a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-to-aud-exchange-rate-today\/\">GBP\/AUD<\/a> has extended its decline on Tuesday. Currently, the pair is trading at 1.9956, down 0.80% as of 7:30 AM UTC.<\/p>\n<div class=\"su-button-center\"><a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-to-aud-exchange-rate-today\/\" class=\"su-button su-button-style-flat button-internalbutton\" style=\"color:#ffffff;background-color:#f92658;border-color:#c81f47;border-radius:5px\" target=\"_self\"><span style=\"color:#ffffff;padding:0px 22px;font-size:17px;line-height:34px;border-color:#fb688b;border-radius:5px;text-shadow:none\"> Check real time GBP to AUD exchange rate<\/span><\/a><\/div>\n<h2>China\u2019s Manufacturing PMI Beat Expectations<\/h2>\n<p>The <a href=\"http:\/\/currencylive.com\/news\/currency\/gbp\">Aussie<\/a> is supported by surprisingly positive data from China, where the new coronavirus was reported first. Earlier today, China said that its manufacturing purchasing managers index (PMI) expanded in March to 52.0, while most analysts expected a contraction. Last month, the indicator tumbled to a record low at 35.7, which reflected the lockdown measures implemented in Hubei province and the whole country. Economists expected an increase to 45 for March, but nothing close to a growth figure.<\/p>\n<p>Elsewhere, the non-manufacturing PMI increased to 52.3 from February\u2019s 29.6.<\/p>\n<p>The PMI data was released shortly after China\u2019s Ministry of Industry and Information Technology stated that the rate in the resumption of work for industrial firms was 98.6%, while the return of workers was 89.9%.<\/p>\n<p>China\u2019s is Australia\u2019s largest trade partner and source of tourists. However, the borders are closed due to the pandemic.<\/p>\n<h2>Australia\u2019s GDP to Tumble 10% in Q1, CBA CEO Says<\/h2>\n<p>While China\u2019s economy might be reviving, Australia is only at the beginning of the nightmare, as the number of new cases continues to gradually increase, forcing the government to tighten its social distancing measures. Yesterday, Commonwealth Bank of Australia CEO Matt Comyn said that Australia was about to see a 10% GDP contraction in the three months to March, as the impact of the COVID-19 outbreak will be painful.<\/p>\n<p>Comyn suggested that consumption has deteriorated severely in the recent weeks amid restrictions. He <a href=\"https:\/\/www.reuters.com\/article\/us-australia-economy-cba\/australias-top-retail-bank-boss-warns-of-sharp-economic-slowdown-idUSKBN21H0ME\">added<\/a>:<\/p>\n<p>\u201c<em>Probably a base case for the March quarter would be something in the order of a 10% contraction in the economy<\/em>.\u201d<\/p>\n<p>Comyn\u2019s projection is way more pessimistic than the figures he voiced last week when he anticipated a contraction of about 5%.<\/p>\n<p>As for the <a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-pound-sterling-live-exchange-rate\/\">pound<\/a>, the currency couldn\u2019t be supported by GDP data for the fourth quarter of 2019. The ONS said that the UK economy showed no growth in the three months to December, in line with analysts\u2019 expectations. Investors hoped that Prime Minister Boris Johnson\u2019s historic win in the election would push the economy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GBP\/AUD has extended its decline on Tuesday. Currently, the pair is trading at 1.9956, down 0.80% as of 7:30 AM UTC. China\u2019s Manufacturing PMI Beat Expectations The Aussie is supported by surprisingly positive data from China, where the new coronavirus was reported first. Earlier today, China said that its manufacturing purchasing managers index (PMI) expanded [&hellip;]<\/p>\n","protected":false},"author":163946603,"featured_media":3753,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1547,1379],"tags":[1540,1399,1394,1860,1480],"class_list":{"0":"post-98167","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-aud","8":"category-gbp","9":"tag-aud","10":"tag-china","11":"tag-gbp","12":"tag-gbp-aud","13":"tag-manufacturing-pmi"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/AUD: Aussie Backed by China\u2019s Manufacturing Data - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/102859-gbp-aud-aussie-backed-by-chinas-manufacturing-data\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anatol Antonovici\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102859-gbp-aud-aussie-backed-by-chinas-manufacturing-data\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102859-gbp-aud-aussie-backed-by-chinas-manufacturing-data\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3bd9732cd8453e3df154132a302a4416\"},\"headline\":\"GBP\\\/AUD: Aussie Backed by China\u2019s Manufacturing Data\",\"datePublished\":\"2020-03-31T08:00:21+00:00\",\"dateModified\":\"2020-03-31T08:18:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102859-gbp-aud-aussie-backed-by-chinas-manufacturing-data\\\/\"},\"wordCount\":394,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102859-gbp-aud-aussie-backed-by-chinas-manufacturing-data\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100120-gbp-aud-boe-speech-today.jpg\",\"keywords\":[\"aud\",\"china\",\"gbp\",\"gbp\\\/aud\",\"manufacturing pmi\"],\"articleSection\":[\"AUD\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102859-gbp-aud-aussie-backed-by-chinas-manufacturing-data\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102859-gbp-aud-aussie-backed-by-chinas-manufacturing-data\\\/\",\"name\":\"GBP\\\/AUD: Aussie Backed by China\u2019s Manufacturing Data - 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