Aussie leaps in Asia on Caixin Manufacturing PMI

Aussie leaps in Asia on Caixin Manufacturing PMI

On Tuesday, the Australian dollar surged because a poll out of China backed market sentiment for commodity-led surge.

The currency pair USD/JPY hit 112.70, edging up 0.02%. Meanwhile, AUD/USD reached 0.7833, gaining 0.36% following the closely-watched manufacturing poll from China.

Assessing the greenback’s value versus a trade-weighted basket of six crucial currencies, the US dollar index dived to 91.89.

The Caixin China manufacturing PMI for December rallied to 51.5 in Asia versus an outcome of 50.6 observed.

The official China PMI was published on Sunday and declined to 51.6 in December, sliding from November’s reading of 51.8, although in line with estimates from market experts in a Reuters survey. However, the overall reading was still firm enough, and marked the 18th straight month of expanding. The 50-point level traditionally divides surge from contraction on a monthly basis.

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