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August PMIs suggest Asia's growth remained resilient and became more broad-based, with AI- and technology-related demand increasingly driving regional manufacturing outperformance.
China's recovery remained uneven, with modest manufacturing stabilization contrasting with weakness in services, construction and domestic demand. Temporary weather-related disruptions in August may provide some scope for a near-term rebound in activity.
August PMIs are supportive for Asian FX, particularly technology- and export-linked currencies such as KRW, TWD, SGD and CNY, however China's still-uneven recovery is likely to continue capping broader Asia FX upside.
