China’s RatingDog Manufacturing PMI declines to 50.9 in July
China's RatingDog Manufacturing Purchasing Managers' Index (PMI) eased to 50.9 in July from 51.7 in June the latest data published by RatingDog showed on Monday. The market forecast was for a 51.5 reading.
China's RatingDog Manufacturing Purchasing Managers' Index (PMI) dropped to 50.9 in July, a decline from 51.7 in June according to the most recent data shared by RatingDog on Monday. This figure fell short of the anticipated 51.5 reading. The China proxy for the Australian Dollar (AUD) is not significantly influenced by the PMI data.
As of the latest update, the AUD/USD pair has risen by 0.18% and is currently trading at 0.7035. The Reserve Bank of Australia (RBA) plays a pivotal role in determining the Australian Dollar's value, primarily by adjusting interest rates to maintain a stable inflation rate of 2-3%. Other factors that affect the Australian Dollar include China's economic health, iron ore prices, trade balance, market sentiment, inflation, and the Trade Balance.
Australia's export-driven economy, with iron ore as its primary export, is closely tied to China's economic performance. Positive Chinese economic growth boosts demand for Australian raw materials and goods, strengthening the AUD, while negative growth impacts weaken it.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
