The Australian Dollar recovered some of its lost ground against a number of its most traded peers as it held onto some of the gains it received over the weekend. The currencies movement has been affected by a number of data releases out of China, Australia’s biggest trading partner.
Over the weekend Chinese Manufacturing PMI data showed signs of improvement which helped raise the Australian currency off of its more than yearly low against the US Dollar and other currencies. The recovery was short lived however as on Monday further data releases out of China knocked the ‘Aussie’ and halted any possibility of a rally.
Monday’s data showed that factory activity weakened in China last month, dampening some of the optimism generated by an official survey that had raised hopes that the world’s second largest economy is stabilising. China’s official purchasing managers index (PMI), released on Saturday, beat market expectations by rising to 50.8 in May from 50.6 in April.
The manufacturing report published June 1st was “the first seemingly positive bit of economic news that we’d had from China for some time,” said Ray Attrill, the global co-head of currency strategy at National Australia Bank Ltd. in Sydney. “There’s a chance that we can push a little bit higher,” he said, referring to the Aussie.
The data released on Monday dampened optimism as the HSBC unofficial PMI for China slipped to 49.2, the lowest level since October 2012 and a decline from April’s reading of 50.4.
Current Australian Dollar (AUD) Exchange Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9640
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7401
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6311
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.2082
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0373
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.3510
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.5843
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8276
(Correct as of 09:45 am GMT)
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