Australian Dollar Weaker After China’s Disappointing Data

The Australian dollar fell today. While domestic macroeconomic data was decent, reports in China, Australia’s biggest trading partner, were disappointing.
China’s official manufacturing Purchasing Managers’ Index fell from 50.2 in October to 50.0 in November. Economists had expected the index to remain unchanged. The non-manufacturing PMI dropped to 53.4 from 53.9, touching the lowest level in 15 months. Analysts had also expected the indicator to stay little changed.
The only macroeconomic indicator released in Australia today was private sector credit, which showed a growth by 0.4% in October from the previous month. It was the same rate of growth as in September and matched market expectations.
AUD/USD dropped from 0.7318 to 0.7299 as of 13:14 GMT today. EUR/AUD was little changed at 1.5564. AUD/JPY declined from 83.05 to 82.87.

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