Aussie heads north on China PMI manufacturing polls

September 1, 2016

On Thursday, the Australian dollar gained on better than expected manufacturing surveys from top trade partner China even notwithstanding downbeat local data.

The currency pair AUD/USD was worth 0.7541, up 0.29%, while another pair USD/JPY changed tumbled 0.29%, trading at 103.13.

Earlier in Australia, the AIG manufacturing index for August turned to be 46.9, compared with a previous outcome of 56.4. That happened to be the lowest reading since last year’s June, thus concluding 13 straight months of expansion. The given drop  was mostly because of softening in the food as well as beverages sub-sector, that has been the strongest performer so far this year.

In Japan, August’s manufacturing PMI came in at 49.5, a sag below the 49.6 expected.

Besides this, in Australia, private capital expenditure figures for the second quarter edged down 5.4%, more than the expected sag of 4.2% quarter-on-quarter and at the same time retail sales for July stood still, missing a 0.3% month-on-month revenue observed. 

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