Australian Dollar Declines As China Factory Activity Shrinks To Near 3-yr Low
31 Enero 2019 - 07:46PM
RTTF2
The Australian dollar fell against its major counterparts in the
Asian session on Friday, after a data showed contraction in China
manufacturing activity in January, suggesting that the world's
second largest economy has lost its momentum at the beginning of
the year.
Survey data from IHS Markit showed that the headline seasonally
adjusted Caixin Factory Purchasing Managers' Index, or PMI, fell to
48.3 from 49.7 in December. The reading was the lowest since
February 2016.
Any reading below 50 indicates contraction in the sector.
The subindex for new orders dipped further into contractionary
territory, pointing to a moderate contraction in demand across the
manufacturing sector, the survey said.
Investors are also cautious as they look ahead to the U.S. jobs
data for January due later in the day.
The latest survey from the Australian Industry Group showed that
the manufacturing sector in Australia moved to expansion in
January, with a Performance of Manufacturing Index score of 52.5.
That's up from the stagnation point of 50.0 in December; a reading
above indicates expansion and below means contraction.
The Australian Bureau of Statistics said that final demand
producer prices were up 0.5 percent on quarter in the fourth
quarter of 2018, down from 0.8 percent in the three months prior.
On a yearly basis, final demand producer prices advanced 2.0
percent, slowing from 2.1 percent in the third quarter.
The aussie fell to 2-day lows of 1.0471 against the kiwi and
0.7237 against the greenback, from its early highs of 1.0519 and
0.7278, respectively. If the aussie falls further, 1.02 and 0.71
are possibly seen as its next support levels against the kiwi and
the greenback, respectively.
Reversing from its early highs of 79.31 against the yen and
0.9554 against the loonie, the aussie fell to 2-day lows of 78.73
and 0.9514, respectively. The aussie is seen finding support around
77.00 against the yen and 0.94 against the loonie.
Having advanced to 1.5728 against the euro at 5:00 pm ET, the
aussie reversed direction and fell to 1.5809. The aussie is poised
to challenge support around the 1.60 level.
Looking ahead, at 2:30 am ET, Swiss retail sales for December
are due.
PMI reports from major European economies and Eurozone consumer
inflation data for January are due in the European session.
In the New York session, U.S. construction spending for
December, nonfarm payrolls data, ISM manufacturing index and
University of Michigan's final consumer sentiment index for January
are scheduled for release.
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