The Australian dollar slipped against its US counterpart as the majority of today’s reports from Australia was bad. The currency also pared gains against the Japanese yen but is currently attempting to rebound.
While the manufacturing index of Australian Industry Group rose from 48.9 in June to 50.7 in July, other economic indicators were not as good. The Producer Price Index fell 0.1 percent in June, frustrating analysts who have expected an increase. The Reserve Bank of Australia reported that the Commodity Price Index sank 12.1 percent in July from a year ago.
AUD/USD fell from 0.9292 to 0.9283 as of 10:57 GMT today after rising to 0.9315 earlier. AUD/JPY advanced from 95.50 to 95.79 intraday but retreated to 95.56 later.
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