The AUD/USD pair experienced limited movement on Monday, struggling to sustain a rally amidst low trading volumes. Chinese economic data, including PMIs, is anticipated to influence the pair this week, while US ISM Manufacturing PMI figures will be closely watched.
AUD/USD tried to stage a Monday rally, but fizzled. Aussie markets are set to be dark most of the week, but China data remains. Key US figures this week loom ahead with Friday’s ISM PMI . AUD/USD churned on Monday, aiming for higher ground but waffling back into the day’s opening bids near 0.6220 as holiday market volumes remain too thin to produce anything except jerky intraday movements that go nowhere.
Aussie flows are set to be particularly constrained this week as Australian markets take the entire front half of the trading week off, but some key Chinese economic activity data could spark some knock-on moves. China will be hitting the ground running while most markets remain tepid through the rollover into the new trading year. China’s NBS Manufacturing and Non-Manufacturing Purchasing Managers Index (PMI) figures land early on Tuesday, with Caixin Manufacturing PMI component numbers due on Thursday after the New Year’s Day holiday on Wednesday. NBS China Manufacturing PMI for December is expected to hold flat at 50.3, while the Non-Manufacturing and Caixin Manufacturing components are both expected to register slight upticks. Things remain equally tepid on the US side with market flows set to remain thin until after the New Year’s holiday on Wednesday. US ISM Manufacturing PMI figures will be the key figure for Greenback traders this week, slated for Friday and expected to tick down to 48.3 in December from the previous 48.4. AUD/USD continues to churn near a 26-month low set at 0.6199 in mid-December, and a bullish recovery attempt has made little progress, leaving bids to struggle at the low end of near-term consolidation. The pair is headed for a fresh retest of multi-year lows, with the 50-day Exponential Moving Average (EMA) declining through 0.6435 and adding additional downside pressure to price actio
AUD/USD Forex China Economic Data PMI US ISM PMI
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