The post AUD/USD remains on the defensive near 0.6600 amid mixed Australian PMI, Chinese economic woes appeared on BitcoinEthereumNews.com.

AUD/USD trades on a weaker note near 0.6610 in Wednesday’s early Asian session.  The mixed Australian Judo Bank PMI and Chinese economic woes continue to undermine the Aussie.  Rising bets on Fed rate cuts in September might cap the pair’s downside.  The AUD/USD pair trades in negative territory for the seventh consecutive day around 0.6610 on Wednesday during the early Asian session. The mixed flash Australia’s Judo Bank Purchasing Managers Index (PMI) fails to boost the Aussie. Traders await the US preliminary S&P Global PMIs for June for fresh impetus.  Data released by Judo Bank and S&P Global on Wednesday revealed that the first reading of Australia’s Judo Bank Manufacturing PMI improved to 47.4 in July from 47.2 in June. Meanwhile, the Services PMI dropped to 50.8 in July from the previous reading of 51.2. The Composite PMI declined to 50.2 in July from 50.7 in June.  Sluggish Chinese economic activity has exerted some selling pressure on the Australian Dollar (AUD) over the past weeks, along with the fall in iron to the lowest since early April. Furthermore, a surprise rate cut by the People’s Bank of China (PBoC) on Monday triggered concerns about the weak Chinese economy. Nonetheless, the growing speculation that the US Federal Reserve (Fed) would start cutting the interest rate in September might weigh on the US Dollar (USD) and cap the downside for AUD/USD. Traders are now pricing in nearly a 96% odds of a Fed rate cut in September, according to the CME FedWatch Tool.  Australian Dollar FAQs One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese…

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Filed under: News - @ July 24, 2024 3:14 am