Australian Dollar Gains, Getting Boost from China Manufacturing PMI

The Australian dollar rose against its major rivals today. Perhaps, decent economic data from Australia’s biggest trading partner, China, helped the currency as domestic reports were far from good.

China’s manufacturing sector continued to growth with marginal pace as the Caixin Purchasing Managers’ Index remained at 51.0 in October, unchanged from September. Meanwhile, the Manufacturing Index reported by Australian Industry Group fell from 54.2 in September to 51.1. in October, though the reading above the neutral 50.0 level signaled that the sector continued to grow. The Index of Commodity Prices rose by 9.1% in October from a year ago, demonstrating a sharp slowdown from the previous month’s increase of 19.4%.

AUD/USD rose from 0.7655 to 0.7679 as of 9:48 GMT today. AUD/JPY gained from 87.01 to 87.53.

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