AUD/USD Currency Pair discussion
AUD/USD tests 0.6900 as attention shifts to U.S. PMI data
- Data from China show signs of recovery within the economy.
- Greenback starts the new week on the rear foot previous PMI data.
- RBA is about to publish its financial policy meeting on Tuesday.
The AUD/USD try listed during a tight vary throughout the Asian session once the upbeat data from China helped the AUD keep resilient against its major rivals despite the disappointing PMI readings. With the USD staying beneath modest marketing pressure throughout the European commerce hours, however, the try advanced to its fresh daily high of 0.6899. As of writing, the try was a handful of pips below that level, adding 0.3% on the day.
Commonwealth Bank's producing PMI came in at 49.4 in December's preliminary reading to point out current contraction within the producing sector's economic activity. On the opposite hand, Industrial Production and Retail Sales in China, Australia's biggest commerce partner, enlarged quite expected in November to offset the potential impact of dismal Australian data on the AUD.
Eyes on U.S. PMI information
On the opposite hand, the U.S. dollar Index retraced Friday's rally on Mon as investors still assess the US-China phase-one trade deal and what that it means that for the economy. Later within the session, the IHS Markit's producing and Services PMI information from the U.S. is going to be watched closely by market participants. particularly this state of the producing sector, which has been a supply of concern in 2019, may trigger a clear market reaction.
During the Asian session on Thursday, the reserve bank of Australia can publish the minutes of its latest financial policy meeting.
