AUD/USD: Dull reaction to above-forecast China Manufacturing PMI
|- AUD/USD keeps gains near 0.7135 after strong China PMI data.
- Traders eye the first election debate between Presidential Trump and Joe Biden.
The China-sensitive Aussie dollar is struggling to cheer the better-than-expected China data released soon before press time.
China's NBS or government Manufacturing PMI, which focuses on state-owned enterprises with easy access to credit, rose to 51.5 in September from 51 in August, beating the estimate of 51.2.
Meanwhile, the NBS Non-Manufacturing PMI, increased to 55.9 in September from 55.2 in August, bettering the forecast of 52.1 by a big margin. A reading above 50 indicates expansion.
In other words, growth in both the manufacturing and non-manufacturing sectors gathered pace in September.
So far, however, that has failed to put a bid under the Aussie dollar. AUD/USD is trading near 0.7135 – the level seen ahead of the release of the Aussie data – having hit a high of 0.7150 early Wednesday.
The pair's inability to capitalize on the strong China data could be attributed to caution ahead of the Presidential debate, which kicked off soon before press time.
Comments from President Trump and Democrat candidate Joe Biden could now move the AUD/USD pair and FX markets in general. Also, Caixin Manufacturing PMI, due in 30 mins, could influence the pair.
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.