The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
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.
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.