Phew! The Aussie bulls were able to limit AUD/USD’s losses yesterday as they struggled with the release of China’s weak manufacturing PMI. The pair fell to an intraday low of 1.0367 before the comdoll bulls were able to push it to a 1.0443 close.
No major report was released from the Land Down Under yesterday, but the comdoll took a big hit when China’s flash manufacturing PMI came in at 47.8, slightly higher than the previous month’s 47.6 reading but still in contraction territory.
Good thing a bit of optimism and some technical levels were able to support the Aussie as it capped the day just above the 1.0440 handle.
Only the CB leading index report was up for release today, and based on the results printed a couple of hours ago, things aren’t looking so rosy either. The data came in at 0.0% in July even as June’s numbers are revised from 0.2% to 0.5%.
No other report is scheduled for release today, so be careful in placing your trades in case there are any sentiment-changing reports from other major economies!