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Forex - AUD/USD higher after Chinese data

Published 06/02/2013, 09:55 PM
Updated 06/02/2013, 09:56 PM
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Investing.com - The Australian dollar rose against its U.S. rival during Monday’s Asian session, but the Aussie traded off its highest levels of the day after the release of some key Chinese economic data.

In Asian trading Monday, AUD/USD rose 0.39% to 0.9615. The pair is likely to find support at 0.9527, Wednesday’s low and a 19-month low and resistance at 0.9684, Friday’s session high.

Earlier in the session, AUD/USD traded as high as 0.9636, but traders took profits in the pair after China's unofficial HSBC manufacturing PMI report fell to 49.2 in May from 50.4 in April.

Over the weekend, China’s National Bureau of Statistics said the country’s official PMI for May rose to 50.8 from 50.6 in April. That topped the 50.1 reading economists expected. Readings above 50 indicate expansion.

"Despite operating conditions worsening, manufacturing output rose for the seventh month in a row during May, albeit marginally. Behind the meagre expansion of output, total new orders declined modestly and for the first time since last September. Demand from abroad also weakened over the month, with new export orders falling for the second month in a row. A number of panellists suggested reduced client demand, particularly in the US, had led to the overall reduction in export orders," according to a statement by Markit.

Both total new orders and export orders decreased last month. China is Australia’s largest export market.

The report also weighed on the New Zealand dollar as AUD/NZD rose 0.24% to 1.2082. New Zealand also counts China as its largest export market.

AUD/JPY advanced 0.51% to 96.69 while EUR/AUD fell 0.35% to 1.3525.


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