HSBC flash PMI: Rumours of a number above 50.0

The data will be released at 2:30 GMT and the rumour mill suggests that the number will come in above 50.0, after 49.6 last month. Any number above 50.0 signifies expansion in the manufacturing industry. If the number does come in above 50.0, I think we can expect the AUD to rally somewhat. Given the seemingly bearish leaning in the market, much of which has been based on negative Chinese-growth sentiment, we might see a decent short-covering rally.