Forex Flash: China PMI Manufacturing upcoming – Wells

Forex Flash: China PMI Manufacturing upcoming â€" Wells

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Forex Flash: China PMI Manufacturing upcoming Wells

FITITOL--> FXstreet.com (San Francisco) - The week starts a bit earlier this time, with China releasing its manufacturing PMI for June on Saturday, June 30, in what will probably set the stage for the mood of financial markets on Monday, according to Wells Fargo.

Markets expect the PMI to drop below the all-important 50 level to 49.9 from a 50.4 reading in May. The release on Saturday will be followed by the HSBC manufacturing PMI on Sunday.

“The expectation is for both service PMIs to remain above the 50 mark, but for the manufacturing PMI to reflect the slowdown in economic activity in China during the last several months,” says Wells Fargo. “Markets already know the Chinese economy is slowing down, so a number below 50 will probably not move the markets.”