China official manufacturing PMI deepens further into recession

China official manufacturing PMI for February came in at 49.0 vs 49.4 expected and 49.4 last.

Given the fall in the Australian Dollar ahead of the data and with the Chinese Caxin PMI and most importantly, the RBA ahead, sellers/algos no longer see value reinstating shorts at these low levels given the risk events ahead, leading to some profit taking on the downbeat China data.