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Australia’s S&P Global manufacturing PMI ticks up to 51.7 in July

Australia’s services PMI rose to 53.0 and the composite PMI climbed to 52.6, while the AUD/USD stayed near 0.6968 with analysts saying the data has little immediate impact on the currency.

Reported · Written up by our desk · Major Pairs

Australia’s preliminary S&P Global manufacturing PMI increased to 51.7 in July from 51.5 in the prior reading, according to data published by S&P Global.

The services PMI jumped to 53.0 from 50.5, and the composite PMI rose to 52.6 from 50.4, extending the broader improvement in the preliminary suite of indicators.

FXStreet said the July PMI release is expected to have little or no immediate impact on the Australian dollar, even as AUD/USD held negative ground near 0.6968.

The outlet noted that AUD moves are more heavily tied to Reserve Bank of Australia interest-rate expectations, plus factors such as iron ore prices and conditions in China, Australia’s largest trading partner.

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