AUD/USD hovers around the 0.6800 mark on the first trading day of 2024, US PMI data eyed

AUD/USD trades on a negative note amid the quiet session in the first trading day of 2024.
December’s Australian Judo Bank final Manufacturing PMI arrived at 47.6 from the flash reading of 47.8, weaker than expected.
The US Chicago PMI came in at 46.9 in December vs. 55.8 prior, below the market consensus.
Traders will monitor December’s US S&P Global Manufacturing PMI, due on Tuesday.

Lallalit Srijandorn FXStreet

The AUD/USD pair drifts lower on the first trading day in 2024 during the early Asian session on Tuesday. The markets remain quiet in the first week of the year. The pair currently trades around 0.6808, losing 0.04% on the day.

On Tuesday, the Australian Judo Bank final Manufacturing PMI for December 2023 came in at 47.6 from the flash reading of 47.8, weaker than the expectation of 47.7. The December Manufacturing Output Index backed to a historically low reading of 45.5. The report suggests that the manufacturing sector in Australia has shown a consistent easing trend throughout 2023, responding to monetary policy, with inflation aligned with the RBA's target levels. The sector's activity is gradually slowing down, and we estimate that this trend will continue through early 2024.

Furthermore, China’s National Bureau of Statistics (NBS) reported on Sunday that the NBS Manufacturing Purchasing Managers' Index (PMI) came in at 49.0 in December versus 49.4 prior, below the consensus of 49.5 in November. The NBS Non-Manufacturing PMI arrived at 50.4 in December from 50.2 in the previous reading, weaker than the expectation of 50.5.

On the USD’s front, the Chicago Purchasing Managers' Index eased from 55.8 in November to 46.9 in December, below the market consensus of 51.0. At the Federal Reserve (Fed) meeting in December 2023, the Fed delivered dovish remarks, and investors have priced in three rate cuts in 2024. According to the WIRP, the markets are pricing in 15% odds of a rate cut on January 31 and is nearly priced on March 20. This, in turn, exerts some selling pressure on the US Dollar (USD) and acts as a tailwind for the AUD/USD pair.

Looking ahead, December’s US S&P Global Manufacturing PMI will be released on Tuesday. On Wednesday, the Federal Open Market Committee (FOMC) minutes will be a closely watched event. Fed’s Barkin is set to speak on Wednesday and Friday, while Logan is scheduled to speak on Saturday.

AUD/USD

Overview
Today last price	0.6811
Today Daily Change	-0.0005
Today Daily Change %	-0.07
Today daily open	0.6816

Trends
Daily SMA20	0.6701
Daily SMA50	0.6562
Daily SMA100	0.6484
Daily SMA200	0.6583

Levels
Previous Daily High	0.6846
Previous Daily Low	0.6781
Previous Weekly High	0.6871
Previous Weekly Low	0.6781
Previous Monthly High	0.6871
Previous Monthly Low	0.6526
Daily Fibonacci 38.2%	0.6806
Daily Fibonacci 61.8%	0.6822
Daily Pivot Point S1	0.6782
Daily Pivot Point S2	0.6749
Daily Pivot Point S3	0.6717
Daily Pivot Point R1	0.6848
Daily Pivot Point R2	0.688
Daily Pivot Point R3	0.6913

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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