AUD Hangs Above Opening, Getting Boost from China’s Manufacturing

The Australian dollar was rising today, getting boost from a decent macroeconomic report about China’s manufacturing sector. While the currency has retreated from its daily highs by now, it is still trading above the opening level.

The Caixin China General Manufacturing PMI was at 51.1 in April, rising marginally from the reading of 51.0 registered in March. The actual value was close to the figure of 50.9 predicted by analysts. Despite the decent reading, the report said that “the rate of expansion was modest” and pointed at weakening export demand, stating:

Data indicated that weaker demand in international markets had partly weighed on overall growth, with new export sales declining for the first time since November 2016 (though only marginally).

AUD/USD was up from 0.7488 to 0.7529 intraday before trading at 0.7506 as of 10:47 GMT today. AUD/JPY was at 82.45 after opening at 82.26 and rising to the daily high of 82.65.

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