FXStreet (Delhi) – Michael Every, Head of Financial Markets Research at Rabobank, notes that the China’s Caixin manufacturing PMI came in at 48.2, worse than expected and so did the US ISM manufacturing survey, the latter being the worst print since 2009. Key Quotes “Those who talk about globalization meaning we all move to a common global standard don’t stress that it can also mean a synchronized manufacturing recession! Indeed, Canada was also contracting at 47.5, and in EM Brazil saw a grim 45.6 reading, while in the ‘growth-engine’ of Asia, India’s PMI was also at 49.1 and Indonesia’s at 47.8, for example.)” “However, data yesterday showed at least some manufacturing PMIs still growing: Japan’s (52.6) and the Eurozone’s (53.2). With German CPI printing two ticks lower than expected at flat m-o-m and just 0.2% y-o-y yesterday, and this morning seeing Japanese bank loan growth decelerating from 3.3% y-o-y back to 2.7%, there looks to be more of that ahead in both places this year.” For more information, read our latest forex news.