Australian Dollar Falls After China Manufacturing PMI
March 23 2015 - 11:20PM
RTTF2
The Australian dollar weakened against the other major
currencies in the Asian session on Tuesday, after data showed that
the manufacturing sector in China dipped into contraction territory
in March.
Data from HSBC Bank showed that the manufacturing sector in
China dipped into contraction territory in March, with a PMI score
of 49.2. That was well shy of forecasts for 50.5, and it was down
sharply from 50.7 in February.
Now at an 11-month low, the index also dipped below the
boom-or-bust line of 50 that separates expansion from
contraction.
The Australian dollar fell to 93.83 against the yen, 1.3930
against the euro and 1.0260 against the NZ dollar, from yesterday's
closing quotes of 94.32, 1.3889 and 1.0293, respectively.
Against the Canada and U.S. dollars, the aussie dropped to
0.9814 and 0.7836 from an early near 2-month high of 0.9880 and
nearly a 4-week high of 0.7901, respectively. At yesterday's close,
the aussie was trading at 0.9863 against the loonie and 0.7878
against the greenback.
If the aussie extends its downtrend, it is likely to find
support around 91.50 against the yen, 1.36 against the euro, 1.01
against the kiwi, 0.96 against the loonie and 0.75 against the
greenback.
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