23 Jan 2014
AUD/USD dips to 0.8800 after Chinese PMI disappoints
FXstreet.com (Córdoba) - The AUD/USD fell from 0.8835 to 0.8799, reaching a fresh daily low, following the release of the preliminary report of the HSBC Manufacturing PMI of China, that fell to 49.6 in December from a previous reading of 50.5, analysts were expecting the index at 50.6. The report weakened the Aussie across the board.
Yesterday the AUD/USD peaked at 0.8887, but lost momentum on American hours and pulled back, to end the day at 0.8850. Early in Asia extended the retreated and fell to 0.8827, but after the Chinese PMI numbers fell further to the 0.8800 area and currently trades at 0.8805, at the same price level it had yesterday before the release of Australian CPI data the pushed the pair to the upside.
In 24 hours the pair has lost all gains that followed the inflation report and it seems to be under pressure again, particularly if it fails to hold above 0.8800; below the mentioned level, trader's attention could turn to 2014 lows that lie at 0.8755.
Yesterday the AUD/USD peaked at 0.8887, but lost momentum on American hours and pulled back, to end the day at 0.8850. Early in Asia extended the retreated and fell to 0.8827, but after the Chinese PMI numbers fell further to the 0.8800 area and currently trades at 0.8805, at the same price level it had yesterday before the release of Australian CPI data the pushed the pair to the upside.
In 24 hours the pair has lost all gains that followed the inflation report and it seems to be under pressure again, particularly if it fails to hold above 0.8800; below the mentioned level, trader's attention could turn to 2014 lows that lie at 0.8755.