AUD/USD recovers lost ground below 0.6350 following Australian PMI data

The AUD/USD pair posts modest gains below the mid 0.6300s during the early Asian session on Tuesday. The rebound of the pair is supported by the corre

AUD/USD recovers lost ground near 0.6335 amid the correction of USD to a one-month low. The Chicago Fed National Activity Index suggests the US economy is still some distance from a recession. The preliminary Australian S&P Global PMI showed an ease in inflationary pressure in October. Investors will monitor the US S&P Global PMI due on Tuesday. ction of the US dollar and the US Treasury bond yields. The pair currently trades around 0.6336, gaining 0.02% on the day.

According to the CME FedWatch Tool, the markets don’t see the probability of a November rate hike, but the odds for January 2024 remain over 30%. On the Aussie front, the preliminary Australian S&P Global Composite PMI for October came in at 47.3 from 51.5 in the previous reading. Meanwhile, the Manufacturing PMI eased to 48.0 versus 48.7 prior and the Services PMI plunged back into contraction by falling to 47.6 from the previous month of 51.8.

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