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AUD/USD gains as China manufacturing PMI slips to 50.9

RatingDog showed China’s manufacturing PMI fell to 50.9 in July from 51.7 in June, and AUD/USD was quoted up 0.18% at 0.7035 at press time.

Reported · Written up by our desk · Major Pairs

China’s RatingDog manufacturing PMI eased to 50.9 in July from 51.7 in June, with the latest reading below the 51.5 market forecast, according to FXStreet.

FXStreet said the data had little to no impact on the China-proxy Australian Dollar, and at press time the AUD/USD pair was up 0.18% on the day, trading at 0.7035.

FXStreet noted that key drivers for the Australian Dollar include the Reserve Bank of Australia interest-rate setting, its goal of maintaining stable inflation in the 2-3% range, and how risk sentiment can push currency moves toward risk-on or risk-off.

The outlet also pointed to Australia’s export dependence, highlighting iron ore as the biggest export at $118 billion a year in 2021, with China the primary destination, and said changes in Chinese growth can affect demand for Australian goods and lift or weigh on AUD.

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