Forex Flash: Despite China HSBC PMI, recovery a shallow one - Nomura

FXstreet.com (Barcelona) - The HSBC China flash manufacturing PMI stood at 51.7 in March from 50.4 in February, stronger than expected (Consensus: 50.8; Nomura: 51.0), says Zhiwei Zhang, economist at Nomura.

Zhiwei adds: "The strong reading in March may suggest that February's weakness was mainly due to the distortion from the lunar new year holiday. That said, some of the core data, such as industrial output and retail sales were weak in January/February, which leads us to still believe that the economic recovery is a shallow one."