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23 Apr 2013
Forex: AUD/USD extends the decline, around 1.0230/35
FXstreet.com (Barcelona) - The softer-than-expected flash manufacturing PMI print from the Chinese economy is weighting on the Aussie dollar on Tuesday, dragging the cross to the area of 1.0230/35 and posting 6-week lows at the same time.
In the wake of the Chinese data, Analyst Adrian Foster at Rabobank commented, “This reinforces the point that China’s overall economy is becoming less about exports and more about the domestic services sector. In particular, it reminds that the government is an important force in the broader economy”.
At the moment, the pair is losing 0.45% at 1.0226 with the next support at 1.0202 (low Mar.11) followed by 1.0188 (low Mar.5).
On the upside, a surpass of 1.0280 (hourly high Apr.22) would expose 1.0358 (high Apr.19).
In the wake of the Chinese data, Analyst Adrian Foster at Rabobank commented, “This reinforces the point that China’s overall economy is becoming less about exports and more about the domestic services sector. In particular, it reminds that the government is an important force in the broader economy”.
At the moment, the pair is losing 0.45% at 1.0226 with the next support at 1.0202 (low Mar.11) followed by 1.0188 (low Mar.5).
On the upside, a surpass of 1.0280 (hourly high Apr.22) would expose 1.0358 (high Apr.19).