Australia AiG Performance of Manufacturing Index rose 2.0 pts to 53.5 in July, indicating a “more convincing expansion”. Manufacturing has now “landed in positive territory” for two straight months for the first time since October 2019. Six of the seven activity indices but exports deteriorated by -5.8 to 41.4, staying gin contraction. Also, four of six sectors stayed in contraction in trend terms, except food & beverages and machinery & equipment.

Ai Group Chief Executive Innes Willox said: “Against the positive signs from the manufacturing sector, the winding down of stimulus from September, the impact of the Melbourne lockdown and the severity of the outbreak, as well as tougher border restrictions are likely to weigh on the sector in coming months”.

Source: www.actionforex.com