Article By RoboForex.com
On Wednesday afternoon, AUDUSD is trading downwards after Australia and China published some unimpressive statistics.
The Australian Dollar is falling against the USD in the middle of the week. The current quote for the instrument is 0.7403.
Australia published the AIG Manufacturing Index in July, which disappointed investors. The indicator fell up to 52.0 points after being 57.4 points in the previous month.
The statistics from China weren’t impressive as well. The Caixin Manufacturing PMI in July was worse than expected and moved from 51.0 points to 50.8 points. The indicator was expected to fall, but not so much. The actual reading is the worst over the last 8 months. However, the country’s economy is still improving, because the indicator is above 50 points, a psychologically-crucial level that defines optimism and lack of confidence.
News relating to the increase of the US import duties on Chinese goods is also important for the Aussie. It seems that concerns about American trade aggression weren’t groundless: the USA continues to develop measures to protect their domestic market from outsiders, thus hurting other global economies and China in the first place.
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This news are essential for the Australian currency, because China remains the country’s major trade and economic partner.
Article By RoboForex.com
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