AUDUSD starts December with growth based on Chinese statistics.
The Australian Dollar is getting stronger against the USD on Monday afternoon. The current quote for the instrument is 0.6782.
The statistics from Australia turned out to be rather minor. The AIG Manufacturing Index was 48.1 points in November after being 51.6 points in the previous month. The decline of the indicator means that businesses see problems in global demand. The fact that the US-China trade talks are put on hold again offers little room for optimism. It’s very important for Australia because China remains its key trade and economic partner.
The Building Approvals lost 8.1% m/m in October after showing +7.2% m/m in September. The expected reading was -1.0% m/m, but the reality turned out to be significantly worse.
The Aussie wouldn’t have probably been able to remain “in the black” and handle the pressure if it had not been for the statistics from China. The Caixin Manufacturing PMI increased up to 51.8 points in October after being 51.7% points the month before. It’s a very good signal: it may indicate that the manufacturing sector finds support in the domestic economy and may continue improving despite global trade wars.