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The Aussie is trading on the firm side against the US Dollar on Thursday, grabbing 0.6560. Declining Australian PMIs are hampering upside momentum as technical indicators weigh. US markets dark for the Thanksgiving holiday, due back on Friday with US PMIs. The AUD/USD is seeing a slight lift on Thursday, with the Aussie (AUD) up three-tenths of a percent against the US Dollar (USD) which is seeing some backpedaling with US markets out for the day as the US celebrates Thanskgiving. US money markets are due back to close out the trading week with a limited trading schedule on Friday, and Greenback traders will be keeping a close eye on the US’ Purchasing Managers’ Index (PMI) figures due in the latter half of the day. Australia’s Judo Bank Composite PMI for November declines to 46.4 vs. October’s 47.6 Early Thursday saw Australia’s latest Judo Bank PMI figures broadly miss the mark in November, with the headline composite figure hitting a 27-month low as Australia’s economy continues to wobble with declining demand and still-high inflation depressing consumers’ confidence both in the broader economy and their capacity to consume. Australia’s Services PMI slid to 46.3 in November compared to October’s print of 47.9, while the Manufacturing component hit an eye-watering 42-month low at 47.7, slipping even further back from the previous month’s 48.2. Friday will see a contracted return of US money markets to close out the trading week, and investors are betting on a slight decline in US PMI numbers. The US Manufacturing PMI for November is forecast to decline from October’s flat 50.0 into contraction territory at 49.8, while the Services component is expected to tick lower from 50.6 to 50.4. Australian Dollar price today The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies…

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Filed under: News - @ November 24, 2023 1:12 am