AUD/USD drops below 0.6780 despite upbeat Caixin Manufacturing PMI – by Sagar_Dua24 AUDUSD PMI Fed DollarIndex RiskAversion
ixin Manufacturing PMI data. The economic data has landed at 49.0, higher than the consensus of 48.8 but lower than the prior release of 49.4.
The street was expecting a decline in the PMI numbers after observing negative cues from China’s official Manufacturing PMI data. Last week, China’s official Manufacturing PMI data dropped to 47.0 vs. the expectations of 49.2 and the former release of 48.0. It is worth noting that Australia is a leading trading partner of China and the extent of manufacturing activities in China impact the Australian Dollar.
In early Tokyo, the Australian Dollar didn’t react much to the S&P Global Manufacturing PMI data. The economic data has dropped to 50.2 vs. the consensus and the prior release of 50.4. Meanwhile, investors are getting risk-averse and surrendering longs in risk-perceived assets. S&P500 futures have witnessed a steep fall after a long weekend in the Asian session. has displayed a rebound move after dropping to near 103.20. The USD Index is gaining traction as the street is expecting a higher interest rate peak by the Federal Reserve to combat stubborn inflation in the United States economy. in the US economy has dropped after peaking around 9.1%.
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