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23 Sep 2013
AUD/USD is trading higher on Chinese PMI
FXstreet.com (Athens)- The AUD/USD got a solid boost by much better than expected Chinese PMI data and now hovering above 0.9415.
The AUD/USD soared on early Sunday’s trading opening session on solid China PMI
The “Aussie” gained solid ground against its major counter-part, due mainly to the fact that the Chinese PMI data released at 51.2 (versus 50.9), but basically over 50. As widely known China is one of the biggest Australia’s trading partners and a great China PMI, is more than welcome in the Australia. On the other hand, the Australian Mineral sector unemployment released up to 11%, a very dismal release especially taken for granted that the Australasian Institute of Mining and Metallurgy mentioned that last year’s unemployment in Mineral sector was approximately 2%. What’s more, the Australian and NZ calendars are quiet. In the NY morning, there will be much interest in speeches by influential NY Fed president Dudley, along with centrist Atlanta Fed president Lockhart.
Technical Outlook and Strategic Bias
The pair is trading at 0.9414 at the time of writing. The Aussie managed to touch the 0.9435 after the release of Chinese PMI data with the 19 June high of 0.9557 an obvious initial target, then mid-0.96s into month end, with Australia’s calendar relatively quiet. Obviously, these targets should be considered realistic, only if the pair could have a clear daily close above 0.9530. However, the AUD/USD managed to touch last Thursday a 3-month high as of 0.9527 and this leaves AUD/USD supported on dips near term, despite the fact that RBA consider the “Aussie” is still highly overvalued.
The AUD/USD soared on early Sunday’s trading opening session on solid China PMI
The “Aussie” gained solid ground against its major counter-part, due mainly to the fact that the Chinese PMI data released at 51.2 (versus 50.9), but basically over 50. As widely known China is one of the biggest Australia’s trading partners and a great China PMI, is more than welcome in the Australia. On the other hand, the Australian Mineral sector unemployment released up to 11%, a very dismal release especially taken for granted that the Australasian Institute of Mining and Metallurgy mentioned that last year’s unemployment in Mineral sector was approximately 2%. What’s more, the Australian and NZ calendars are quiet. In the NY morning, there will be much interest in speeches by influential NY Fed president Dudley, along with centrist Atlanta Fed president Lockhart.
Technical Outlook and Strategic Bias
The pair is trading at 0.9414 at the time of writing. The Aussie managed to touch the 0.9435 after the release of Chinese PMI data with the 19 June high of 0.9557 an obvious initial target, then mid-0.96s into month end, with Australia’s calendar relatively quiet. Obviously, these targets should be considered realistic, only if the pair could have a clear daily close above 0.9530. However, the AUD/USD managed to touch last Thursday a 3-month high as of 0.9527 and this leaves AUD/USD supported on dips near term, despite the fact that RBA consider the “Aussie” is still highly overvalued.