China’s state statistics agency reported that in April 2012 the gross profit in the Chinese manufacturing industry boosted by 9.3% year-over-year. The year-over-year increase in Q1 2012 was 11%.
China’s PMI in April 2012 increased by 0.2% up to 53.3%. The PMI has been growing for the 5th consecutive month. For the sake of reference, if PMI is above 50, it suggests economic growth.
Forex.
According to , USDCNY has finished forming wave А of wave level Daily. The downtrend may resume in the form of wave A(С)/С of a bigger wave level. In order to resume the downtrend, the price will have to break and consolidate below 6,2882.
The uptrend may resume only after breaking and consolidating above 6,3294. The mentioned scenarios are displayed in the image below:
