AUD/USD Steps Back From Multi-Month High After China Downbeat PMI Data

Thursday, 31 October 2019 08:30 WIB

AussieDollar Australia,AUD/USD,


With the weaker than anticipated statistics from the largest customer, AUD/USD steps back from the highest since late-July while declining to 0.6910 during early Thursday.

China’s NBS Manufacturing Purchasing Managers Index (PMI) slipped below 49.8 consensus and prior to 49.3, extending a move under the contraction territory, whereas Non-Manufacturing PMI weakened more than 53.9 forecasts to 52.8 in October.

Surprise rally in the September month Building Permits data from Australia, to 7.62% MoM from 0.5% forecast, as well as upbeat prints of Import Price Index and Export Price Index recently pleased the Aussie buyers to print fresh high since late-July.

Market’s risk sentiment has been confined off-late as investors await confirmation of how the US-China trade talks will progress considering the cancellation of next month’s Asia-Pacific Economic Cooperation (APEC) meeting in Chile. However, Reuters’ report that the United States (US) plans to allow China, Russia, and European countries to renew sanction waivers concerning Iran is likely to play positive for the trading sentiment. Elsewhere, the recent polls for the likely upcoming December election in the United Kingdom (UK) show that the Tory leader Boris Johnson is gaining ground, which in turn could help recede Brexit uncertainty.

Even so, the US 10-year Treasury yields stay under pressure while taking rounds to 1.78%, following a mildly positive closing by Wall Street.

Investors will now keep an eye over trade/Brexit headlines while also following data/events from the economic calendar for fresh impulse. Among the first, monetary policy meeting by the Bank of Japan (BOJ) could be on the traders’ radar.

Source : FX Street


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