AUD/USD stalls at the 200-DMA and drops below 0.6800 AUDUSD Currencies Majors
The US Dollar remains bid, irrespective of falling US bond yields, after the release of weak PMIs.AUD/USD Price Analysis: Likely to remain range-bound in the 0.66/0.68 200 pip range.
The Australian Dollar plunges vs. the US Dollar as the AUD/USD pair fails to conquer the 200-day Exponential Moving Average , diving more than 60 pips or 0.99%, amidst a session driven by a strong US Dollar and negative sentiment. The AUD/USD is trading at 0.6728, below its opening price, after hitting a daily high of 0.6834.The beginning of 2023 has witnessed the US Dollar’s re-emergence, which is appreciating against most G8 currencies. The AUD/USD briefly pierced the 200-day EMA at 0.
The first tranche of US economic data revealed that factory activity remained in contractionary territory, as the US S&P Global Manufacturing PMI for December’s final reading was unchanged at 46.2. Siân Jones, Senior Economist at S&P Global Market Intelligence, said, “The manufacturing sector posted a weak performance as 2022 was brought to a close, as output and new orders contracted at sharper rates. Demand for goods dwindled as domestic orders and export sales dropped.
On the Australian side, weak data revealed during the weekend on China slightly weighed on the Aussie Dollar . China’s Manufacturing PMI, announced by the National Bureau of Statistics , continued its downtrend to 47.0 vs. November’s 48. On the same side, the Caixin PMI declined to 49.0 in December, below the previous figures of 49.4.
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