The AUD/USD peaked at 0.6378, the highest level in six months, and pulled back modestly during the American session to the 0.6350 area, driven by a st
Australian PMI drops below 50 in October; September and Q3 inflation data due on Wednesday. The US Dollar strengthens further following positive US PMI data. The AUD/USD trims gains due to Dollar strength, still with scope for more upside while above 0.6340. ronger US Dollar. The Australian PMI figures were ignored by the market; attention turns to inflation data. Data released on Tuesday showed a decline in Australian PMIs. The Services index dropped in October to 47.8 from 51.
The Australian Dollar was among the top performers on Tuesday, with the AUD/USD posting modest gains. It was also supported by a modest improvement in risk sentiment and stable Treasury yields, despite the better-than-expected US PMIs. The Composite Index rose from 50.2 to 51, reaching the highest level in three months. AUD/USD short-term technical outlook The AUD/USD rose to 0.6379 during the European session but then retraced, unable to hold above the 20-day Simple Moving Average .
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