Australian Dollar remains firm following Judo Bank PMI data
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The Australian Dollar strengthens after the release of upbeat Judo Bank Purchasing Managers Index data on Monday. Australia’s Judo Bank Manufacturing PMI rose to 52.6 in March, while the Services PMI increased to 51.2. The US Dollar faces pressure as concerns grow over a potential economic slowdown driven by Trump’s trade policies. The Australian Dollar (AUD) strengthens against the US Dollar (USD) on Monday after two consecutive days of losses. The AUD/USD pair rises as the AUD finds support following the release of preliminary Judo Bank Purchasing Managers Index (PMI) data. Australia’s Judo Bank Manufacturing PMI climbed to 52.6 in March from 50.4 in February, while the Services PMI improved to 51.2 from 50.8. The Composite PMI also increased, reaching 51.3 in March compared to 50.6 previously. The AUD also gains traction as analysts anticipate the Reserve Bank of Australia (RBA) will keep rates unchanged in April after cutting borrowing costs for the first time in four years in February. Furthermore, expectations of Chinese stimulus boost the Australian economy. The AUD/USD pair also benefits from improved risk sentiment as the White House adjusts its tariff strategy ahead of the April 2 implementation, according to the Wall Street Journal. Moreover, geopolitical tensions ease as Ukrainian and US officials meet in Riyadh on Sunday to discuss peace efforts. Meanwhile, President Trump continues to advocate for an end to the three-year war. Australian Dollar appreciates as US Dollar struggles amid economic concerns The US Dollar Index (DXY), which tracks the USD against six major currencies, pauses its three-day winning streak and is trading lower near 104.00. The Greenback comes under pressure as concerns grow over a potential US economic slowdown, fueled by trade policies under President Trump. Meanwhile, traders await the preliminary reading of the US S&P Global Manufacturing Purchasing Managers Index (PMI)…
Filed under: News - @ March 24, 2025 2:22 am