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AUD/USD Extends Recovery as China Caixin PMI Follows Official Gauge Footsteps


Monday, 2 December 2019 09:49 WIB

AussieDollar Australia,AUD/USD,


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With the recently upbeat data from China, AUD/USD extends the pullback from multi-week low to 0.6775 during Monday’s Asian session.

China’s November month Caixin Purchasing Managers’ Index (PMI) rose past-51.4 forecast and 51.7 prior to 51.8. The data follows upbeat official manufacturing prints from Australia’s largest customer.

During the weekend, China released official readings of its November month Manufacturing PMI. The key activity gauge surged to 50.2, the highs since April, regained its stage in the expansion territory following many months of being below 50.0.

Aussie buyers cheered the data from its largest customers while ignoring unimpressive prints of second-tier Australian data from housing, jobs and inflation frontiers. As a result, the US 10-year treasury yields surge beyond 1.80% while markets in Australia are also firmer by the press time.

Doubting the move was Axios report that the phase-one trade deal between the United States (US) and China will take place early next year. The report cites Hong Kong Act, the US tariff rollback and China’s promise to purchase the US agriculture products as the main roadblocks.

Source : FX Street


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