The post Australia’s Judo Bank Manufacturing PMI drops to 46.7 in September, Services PMI eases to 50.6 appeared on BitcoinEthereumNews.com.

The preliminary reading of Australia’s Judo Bank Manufacturing Purchasing Managers Index (PMI) declined to 46.7 in September from 48.5 in August, the latest data published by Judo Bank and S&P Global showed on Monday. The Judo Bank Australian Services PMI eased to 50.6 in September from the previous reading of 52.5, while the Composite PMI fell to 49.8 in September versus 51.7 prior.  Market reaction At the press time, the AUD/USD pair was up 0.01% on the day to trade at 0.6807. 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 economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD. The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive. China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD).…

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Filed under: News - @ September 22, 2024 11:20 pm