4 Global Market Updates- 31 October, 2022

 

In this article, we have covered the highlights of global market news about the AUD/JPY, GBP/USD, NZD/USD and USD/CNH.

AUD/JPY Price Analysis: Reaches weekly low on weaker China PMI

In the Asian session on Monday, the AUD/JPY pares intraday gains while accepting offers around about 94.90. After dismal China PMI data, the cross-currency pair pivots away from the resistance line of the one-week-old symmetrical triangle.

In October, China’s official NBS Manufacturing PMI fell to 49.2 from 50.0 predicted and 50.1 in September. In addition, the Non-Manufacturing PMI fell to 48.7 from 51.9 market expectations and 50.6 earlier readings. Following the release of the statistics, Reuters reported that “China’s manufacturing activity unexpectedly decreased in October, an official survey showed on Monday, knocked down by falling global demand and severe COVID-19 controls, which impacted output.”

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