AUD/USD jumps to four-week high after lackluster US PMis – by christianborjon AUDUSD Majors Macroeconomics Recession PMI
cted US PMIs, showing contraction lying ahead, while the greenback begins to pare some of its earlier losses.
The AUD/USD is trading at 0.6942, bouncing from daily lows at 0.6893 on soft Aussie data and hitting a daily high at 0.6977 before retracting to current price levels.During the New York session, S&P Global revealed July’s preliminary figures for the US, which showed that the manufacturing index ticked higher, but the services one dropped below 50. Therefore, the S&P Global Composite Index plunged to 47.6, further confirming the ongoing slowdown of the US economy.
Meanwhile, in the Asian session, the Australian PMIs slowed but remained in expansionary territory, triggering some downward pressure on the AUD/USD. Nevertheless, theminutes released earlier in the week indicating the need for further rate hikes offered some cushion to the major, which later climbed towards its daily high.
In the meantime, the AUD/USD got bolstered by Chinese news. China revealed its intentions to consolidate its economic recovery and prioritize stable prices and employment, battered by Q2 Covid-19 lockdowns, which almost dragged the economy into recessionary territory.Next week, the Australian economic calendar will feature consumer inflation data, retail sales, and the Australian PPI.
decision, US inflation data, and Q2 Gross Domestic Product on its advance reading will give some guidance to AUD/USD traders.
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