Australian dollar goes down in Asia notwithstanding solid China PMIs

Australian dollar goes down in Asia notwithstanding solid China PMIs

On Wednesday, the Australian dollar went down in Asia, neglecting China’s better than expected PMI figures.

China posted May’s official manufacturing PMI at 51.2, unlike a level of 51.0 observed. The non-manufacturing PMI showed 54.5, soaring from April’s value of 54.0. By the way, a figure above 50 stands for expansion.

The currency pair AUD/USD went down 0.23%, being worth 0.7449, reacting to the China PMI manufacturing figures. As for Australia's economy, it’s highly dependent on exports to China. Meanwhile, Australia posted that private sector credit for April managed to grow 0.4%.

Evaluating the greenback’s value against six key currencies, the US dollar index grew 0.16%, demonstrating 97.38.

The currency pair USD/JPY hit 110.97, tacking on 0.13%. Additionally, Japan informed that April’s provisional industrial output inched up 4%, compared with a profit of 4.3% observed month-on-month.

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