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AUD/USD: short-term pressures relieved on Chinese data

FXStreet (Guatemala) - AUD/USD is currently trading at 0.7786 with a high of 0.7809 and a low of 0.7777.

AUD/USD is currently bid on a better than expected Chinese HSBC Manufacturing PMI reading. The data came in 50.7 vs 50.1 and was back out of contracting territory that was previous and below the 50 at 49.7. This data has rescued the pair for the time being where the greenback was pressuring the board lower at the start of the week in Asia.

Meanwhile, and key this week will be the RBA decision. Will they or will then not cut again? The market holds a very dovish outlook for 2015 and analyst predict that if we don't see a cut this month, one will come over the next few months and this will keep the Aussie under pressure over the medium term, especially while below the psychological 0.8000 level.

Flash China Manufacturing PMI beat flash estimates in February

The Flash China Manufacturing PMI for February (final read) came at 50.7 vs 50.1 flash read and 49.7 in January, with HSBC/Markit noting that itsignalled the first improvement in the health of thesector since last October, albeit marginal.
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RBA to hold rates on Tuesday - TDS

The London Research Team at TD Securities expect the RBA to keep rates on hold this week, on the basis that the Central Bank would prefer to assess the data flow over the following months first before making a decision on further easing.
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