AUD/USD ticks lower to 0.6700 mark after weaker Chinese PMI, focus remains on RBA – by hareshmenghani AUDUSD RBA Fed China Currencies
ing Average through the Asian session on Tuesday. Spot prices ticks lower in reaction to the weker Chinese data, though manage to defend the 0.6700 mark as traders seem reluctant ahead of the Reserve Bank of Australia policy decision.
The markets have been pricing in a 22% probability of a 25 bps lift-off by the Australian central bank in August, though the latest Reuters poll showed a slight majority leaning in favor of a rate hike. The uncertainty holds back traders from placing aggressive directional bets around the AUD/USD pair and leads to subdued/range-bound price action.
Investors continue to cheer the latest optimism over more stimulus measures from China, which helps offset data showing that business activity in the world's second-largest economy deteriorated further in July. In fact, China's Caixin Manufacturingdropped back in contraction territory during the reported month and came in at 49.2, down from 50.5 in the previous month and missing estimates for a reading of 50.3.
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