AUD/USD steady on better than expected Chinese Manufacturing

By FXStreet FXStreet (Guatemala) – AUD/USD is steady between recent ranges on the back of the second round of Chinese data and the release of the impressive Australian building permits that has come in ahead of the RBA decision later on today.

At the start of the hour, the official NBS Manufacturing PMI for August was expected at 49.7% vs 50% in July and arrived at inline with expectations, but remains disappointing while below the key 50 level. The Non-Manufacturing PMI for the same period came in at 53.4 vs 53.9 previous. The price action was mixed within a narrow range of between 0.7104 and 0.7132.

However, the final Caixin August Manufacturing PMI that was expected at 47.1 flash reading came in at 47.3 and below the key 50 level with little market reaction to the release. China services PMI arrived below expectations of 53.9 at 51.5 vs 53.8 pre.

The rest of the week is equally eventful with Aussie GDP for Q2 tomorrow and the Nonfarm Payrolls showdown from the US economy. This has been tipped to print with positive momentum in the labour market and following suit of the upbeat data from the economy of late, underpinning …read more

Source:: FX Street