In the first trading session of this spring, AUDUSD is attempting to reverse the trend.
On Monday morning, the Aussie is correcting upwards against the USD. The current quote for the instrument is 0.6513.
The statistics published in the morning showed that the AIG Manufacturing Index in Australian dropped to 44.3 points in February after being 45.4 points in the previous month. The Index is calculated based on surveys of managers of the largest companies and enterprises and reflects their attitude to the country’s economy and market expectations. Every number that exceeds 50 pointы is good, but in this case, it is otherwise.
Earlier, China reported on the Caixin Manufacturing PMI, which plummeted down to 40.3 points in February after being 51.1 points the month before. The reason is pretty clear – the new coronavirus, and that’s just the top of the iceberg. Everything related to the virus outbreak is surely to affect the Chinese economy somehow.
The behavior of the Chinese economy is very important for the Aussie: China is Australia’s key trade and economic partner, that’s why slowdowns in China will be very hurtful to the Australian economy.
Orgin: RoboForex
