AUD/USD grinds beneath 0.6730 hurdle ahead of RBA Interest Rate Decision, US PMI – by anilpanchal7 AUDUSD RBA RiskAversion Fed PMI
Australia’s Interest Rate Decision with mixed feelings. That said, the presence of China Caixn Manufacturing for July and the US ISM Manufacturing PMI, as well as final prints of July’s S&P Global PMIs, also populate the economic calendar and prod the Aussie pair’s week-start recovery from the lowest level in three weeks.
On Monday, China State Council unveiled a slew of stimulus measures to conserve and boost consumption, which in turn fuelled the market’s risk-on mood during early Monday. Adding to that was the improvement in China's official PMI. That said, China’s official NBS Manufacturing PMI edges higher to 49.3 versus 49.2 expected and 49.0 prior but the Non-Manufacturing PMI eases to 51.5 from 53.2 prior.
It’s worth noting that the receding fears of the higher rates at the major central banks and the market’s preparations for the RBA’s Interest Rate hike also allowed the AUD/USD pair to begin the key week on a front foot despite mixed data. Australia’s TD Securities Inflation rises to 0.8% MoM for July versus 0.1% previous readings while the yearly figures drop to 5.4% YoY from 5.7% marked in June. Elsewhere, Australia’s Private Sector Credit softens to 0.2% and 5.5% per the MoM and YoY basis in June compared to 0.4% and 6.2% respective priors.
On the other hand, Dallas Fed Manufacturing Business Index improves to -20.0 for July from -23.2 prior versus -26.3 expected whereas Chicago PMI rose to 42.8 from 41.5 prior versus 43.0 market forecasts.
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