AUD/USD reverses previous gains as China PMI data disappoints

Friday, 31 May 2019 09:20 WIB



AUD/USD declines to 0.6900 after China's official manufacturing data dropped beneath market consensus and prior to the activity contraction region during early Friday.

China's May month manufacturing purchasing manager index (PMI) slipped to 49.4 versus 49.9 forecasts and 50.1 while non-manufacturing PMI also lagged behind 53.5 market consensus to match 54.3 prior.

The Aussie pair was earlier taking advantage of the US Dollar’s (USD) across the board declines after the US President Donald Trump raised another bar for the soft functioning of the global trade system by announcing fresh tariffs on Mexico.

0.6860 acts as strong support, for now, a break of which can call the year 2016 low near 0.6830 on the chart with 0.6800 to follow afterward.

Alternatively, 0.6940, 0.7000 and 50-day simple moving average (SMA) level near 0.7035 may entertain buyers during pullback.

Source : FXstreet


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