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Australia PMI holds steady while AUD/USD stays below 0.7115
The preliminary composite PMI fell to 52.5 in August, while the article says the PMI print has little to no impact on the Australian dollar.
Australia’s preliminary S&P Global Manufacturing PMI edged nowhere in August, holding at 52.0 versus 52.0 in the prior reading, according to data published by S&P Global, released Friday.
Other survey gauges moved lower as the S&P Global Services PMI declined to 52.9 from 53.6, and the Composite PMI fell to 52.5 from 53.2.
Despite the mixed PMI signals, FXStreet said the August PMI data has little to no impact on the Australian dollar, with AUD/USD holding negative ground near 0.7115.
FXStreet also outlined key drivers for AUD, including the Reserve Bank of Australia’s interest rate policy, Australian inflation and growth, and conditions in China, which is Australia’s largest trading partner.