China's factory activity fell to a three-month low in August, a private survey showed on Thursday, signaling continued weakness in the sector despite the recent burst of stimulus from the government.
The HSBC flash Purchasing Managers' Index (PMI) came in at 50.3, much lower than a Reuters poll expecting 51.5 and following an 18-month high of 51.7 in July. It's the lowest reading since May, although it remained above the 50-mark which separates expansion from contraction.
The Australian dollar slumped following the data, falling to $0.9246 from $0.9280. China's Shanghai Composite Index fell 0.4 percent while Hong Kong's Hang Seng Index lost 0.4 percent.
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AUD/USD remains under pressure above 0.6400
AUD/USD managed to regain some composure and rebounded markedly from Tuesday’s YTD lows in the sub-0.6400 region ahead of the release of the Australian labour market report on Thursday.
EUR/USD faces decent contention around 1.0600
The knee-jerk in the Greenback reignited some buying interest in the risk complex and pushed EUR/USD to three-day highs near 1.0680, rapidly leaving behind the recent yearly low around 1.0600.
Gold eases despite risk-off mood
Gold trades in a relatively tight range near $2,390 in the second half of the day on Wednesday. In the absence of high-tier data releases, investors keep a close eye on headlines surrounding the Iran-Israel conflict.
Ethereum trades around the $3,000 support following a surge in validator queue
Ethereum (ETH) continued a sideways movement on Wednesday as investors seemed to be waiting for an upward or downward price catalyst. Despite the price stagnancy, the ETH validator queue - possibly fueled by the DeFi restaking boom - rose sharply.
Markets stabilize after Powell rules out rate hike, but the signs don’t look good
Markets are volatile right now; however, a relative calm has descended on the market and US. US stocks are down a touch, but the Vix is lower, US Treasury yields are lower, and the dollar is mostly lower vs. its G10 FX counterparts.