AUD/USD recovery approaches 0.6700 on stimulus hopes, ignores mixed China PMI, Aussie inflation clues – by anilpanchal7 AUDUSD China PMI RBA NFP
id-Asian session on Monday. In doing so, the Aussie pair justifies the market’s slightly positive sentiment and the US Dollar’s retreat while taking positive clues from China’s official activity data and Australian inflation clues.
That said, China’s official NBS Manufacturing PMI edges higher to 49.3 versus 49.2 expected and 49.0 prior but the Non-Manufacturing PMI eases to 51.5 from 53.2 prior. Further, Australia’s TD Securities Inflation rises to 0.8% MoM for July versus 0.1% previous readings while the yearly figures drop to 5.4% YoY from 5.7% marked in June. Elsewhere, Australia’s Private Sector Credit softens to 0.2% and 5.5% per the MoM and YoY basis in June compared to 0.4% and 6.2% respective priors., put a floor under the AUD/USD prices.of Minneapolis President Neel Kashkari suggesting challenges for the US employment sector amid firmer rates.
Looking ahead, the US ISM PMIs and the risk catalysts can entertain the AUD/USD traders ahead of Friday’s US jobs report for July will be crucial to watch for clear directions.Unless providing a daily closing beyond the 0.6690 support-turned-resistance confluence comprising the 100-DMA and a two-month-old rising trend line, AUD/USD bears stay hopeful of witnessing further downside towards testing the late June swing low of near 0.6600.
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