Australian dollar helped by stable Chinese equities and rising consumer sentiment amid an economic recovery that is still half-hearted, after touching a two-week low on Tuesday early this morning.
AUD / USD traded in the range of 0.7211 on Tuesday (05/01) morning, lower than the position of 0.7221 in the same time on Monday. The Australian currency had slipped by nearly 2 percent to 0.7155 figure, in the trading session last night before recovering slightly to 0.7188 levels.
Meanwhile, the US Dollar was higher in the trading session last night even though data on US manufacturing PMI recorded a contraction. US Manufacturing PMI is in Area 48.6, below expectations of 49.1 basis points in November. Sectors which support approximately nine percent of the workforce across the land of Uncle Sam is still much hampered by the strengthening US dollar. Especially for the manufacturing industry with export orientation.
Weak Chinese PMI Manufacturing yesterday Caixin is a major trigger for the decline of the Australian dollar in view of China is the main export destination for Australia. Lapran showed that Chinese manufacturing activity still contracted in the 10 consecutive month in December. China Caixin Manufacturing index for December fell to 48.2, slightly below forecasts at level 49 and less than 48.6 in the previous month.
Investors Start Back To Dollar
According to Stuart McPhee, Oanda analysts interviewed by the Sydney Morning Herald, it saw the Aussie under pressure as investors returned to the US dollar due to concerns about the Chinese economy and by the year 2016 begins. However, McPhee said that the 0.72 area is a support level for the AUD / USD. That level is still significantly in recent months and still play a role.
AUD / USD traded in the range of 0.7211 on Tuesday (05/01) morning, lower than the position of 0.7221 in the same time on Monday. The Australian currency had slipped by nearly 2 percent to 0.7155 figure, in the trading session last night before recovering slightly to 0.7188 levels.
Meanwhile, the US Dollar was higher in the trading session last night even though data on US manufacturing PMI recorded a contraction. US Manufacturing PMI is in Area 48.6, below expectations of 49.1 basis points in November. Sectors which support approximately nine percent of the workforce across the land of Uncle Sam is still much hampered by the strengthening US dollar. Especially for the manufacturing industry with export orientation.
Weak Chinese PMI Manufacturing yesterday Caixin is a major trigger for the decline of the Australian dollar in view of China is the main export destination for Australia. Lapran showed that Chinese manufacturing activity still contracted in the 10 consecutive month in December. China Caixin Manufacturing index for December fell to 48.2, slightly below forecasts at level 49 and less than 48.6 in the previous month.
Investors Start Back To Dollar
According to Stuart McPhee, Oanda analysts interviewed by the Sydney Morning Herald, it saw the Aussie under pressure as investors returned to the US dollar due to concerns about the Chinese economy and by the year 2016 begins. However, McPhee said that the 0.72 area is a support level for the AUD / USD. That level is still significantly in recent months and still play a role.
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