The Australian dollar rallied on the back of positive China’s macroeconomic data released today but was unable to follow through with the rally. The currency trimmed its gains versus the euro and the Swiss franc and lost them completely against the US dollar and the Japanese yen.
China’s official manufacturing Purchasing Managers’ Index rose from 51.2 in May to 51.7 in June, while analysts predicted a drop to 51.0. The non-manufacturing PMI increased from 54.5 to 54.9.
As for Australian data, private sector credit rose 0.4% in May, the same as in April and in line with expectations.
AUD/USD fell from 0.7682 to 0.7654 as of 8:44 GMT today after rising to the daily high of 0.7712 earlier, which was the highest level since March 21. EUR/AUD was down from 1.4888 to 1.4821 before trading at 1.4851.
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