The post AUD/USD attracts some sellers to near 0.6300 ahead of Chinese PMI release appeared on BitcoinEthereumNews.com.

AUD/USD softens to around 0.6300 in Monday’s early Asian session, down 0.19% on the day.  US S&P Global Manufacturing PMI rose to 50.1 in January; Services PMI declined to 52.8.  China announced new measures to promote equity index investments on Sunday.  The AUD/USD pair weakens to near 0.6300, snapping the three-day winning streak during the early Asian session on Monday. China’s fresh stimulus measures to promote its development of index investment products fail to boost the China-proxy Australian Dollar (AUD). Traders brace for the release of Chinese NBS Purchasing Managers Index (PMI) data, which are due later on Monday.  Data released by S&P Global on Friday showed that the US Composite PMI declined to 52.4 in January from 55.4 in December. Meanwhile, the Manufacturing PMI improved to 50.1 in January versus 49.4 prior, beating the estimation of 49.6. The Services PMI dropped to 52.8 in January from 56.8 in December, below the market consensus of 56.5.  The mixed US PMI reports and uncertainty surrounding the impact of US President Donald Trump’s trade and immigration policies could support the US Federal Reserve’s (Fed) cautious approach to cutting interest rates this year. This, in turn, could lift the US Dollar (USD) and create a headwind for the pair.  On the Aussie front, Chinese authorities on Sunday announced new measures to boost the development of index investment products, its latest effort to revive the ailing equity market. This action aims to achieve a significant increase in the scale and proportion of index investment in the capital market through efforts over a period of time. However, this headline fails to support the China-proxy Aussie as traders remain cautious ahead of the Chinese PMI data.  On Wednesday, the Australian Consumer Price Index (CPI) for the fourth quarter will be in the spotlight. This report could…

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Filed under: News - @ January 26, 2025 11:15 pm