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Forex - AUD/USD higher after China June PMI data

Forex Jun 30, 2013 10:00PM ET
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Investing.com - The embattled Australian dollar traded higher against its U.S. counterpart during Monday’s Asia session following the release China’s June PMI data.

In Asian trading Monday, AUD/USD rose 0.14% to 0.9157 after hitting 0.9112 on Friday, the pair’s lowest price since September 8, 2010.

The pair is likely to find near-term support at 0.9112, Friday’s low and a 34-month low and resistance at 0.9250, the high from June 23.

The Aussie climbed higher after China’s official June PMI reading came in at 50.1 compared with the expected reading of 50 and 50.8 in May. Readings above 50 indicate expansion.

Elsewhere, a media report said that Macquarie, Australia’s largest investment bank, could increase its earnings 1.4% for every one cent AUD/USD declines. The bank derives nearly two-thirds of its revenue from outside of Australia.

Year-to-date, the Aussie is down nearly 7% in the spot market, making it the second-worst performing developed market currency behind only the yen.

AUD/USD should continue to be in focus Monday as the Institute of Supply Management is to produce a report on manufacturing activity, a leading economic indicator. That report is due out during the U.S. session.

Trader will also be anticipating the start of the Reserve Bank of Australia’s meeting on Tuesday. RBA’s benchmark rate currently resides at a record low of 2.75% and while the central bank did not cut rates at its June meeting, traders widely expect Australian rates will be below 2.75% by the end of the year.

Elsewhere, AUD/JPY rose 0.47% to 91.10 while AUD/NZD inched up 0.01% to 1.1810.


Forex - AUD/USD higher after China June PMI data
 

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