The Australian Dollar (AUD) continues to weaken against the US Dollar (USD) on Tuesday, driven by dampened market sentiment following President-elect Donald Trump's announcement of a 10% increase in tariffs on all Chinese goods entering the United States (US), along with a 25% tariff on imports from Mexico and Canada.
The Australia n Dollar extends its losses as market sentiment takes a hit following Donald Trump’s announcement of increase in tariffs. Australia ’s Monthly Consumer Price Index for October is the focus on Wednesday. The latest US PMI has reinforced the likelihood of the Fed slowing the pace of rate cuts.
Meanwhile, the US Manufacturing PMI increased to 48.8 from 48.5 in October, aligning with market forecasts. The Judo Bank Australia PMI Composite Output Index dropped to 49.4 in November from 50.2 in October, indicating a modest contraction in private sector output for the second time in three months. Manufacturing PMI rose to 49.4 in November from 47.3 in October, marking its 10th consecutive month of contraction. Meanwhile, the Services PMI fell to 49.6 from 51.
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