The Aussie bears assaulted the intraday low surrounding 0.7285 after disappointing China data through early Tuesday. Even so, the price remains inside a 20-pip channel amid mixed clues.
China’s official NBS Manufacturing PMI dropped below 50.2 forecast and 50.4 previous readouts to 50.1, barely missing the contraction region. However, the Non-Manufacturing activities shrunk, per the PMI data, for August while flashing 47.5 figures versus 52.8 expected and 53.3 prior.
Even Though the depressing data from Australia’s largest customer weigh on the AUDUSD prices, reduced covid-19 infections at home seem to have a bullish effect. Australia’s most populous state New South Wales printed 1164 daily infections contrasted with the record level of 1290 flashed the previous day.
In addition to the covid-19 updates, the market’s cautious optimism for the Fed’s monetary policy outlook and upbeat equities also battles the AUDUSD sellers.
That said, the S&P 500 Futures remain firmer around the record top while the US 10-year Treasury yields drop one basis point (bp), down for the third consecutive day, at the latest. Moreover, depicting a careful optimism, the US Dollar Index failed to extend the previous day’s rebound from a two-week low.
Today, having observed an initial market reaction to the China PMI data, Aussie traders will be focused on the risk catalysts for fresh impulse. Nevertheless, nothing is more important than Friday’s US NFP jobs report for August. Also, the US Chicago PMI, Consumer Confidence and housing figures could offer intraday moves to the pair.
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