China's NBS Manufacturing PMI falls to 49.3 in October, Non-Manufacturing PMI eases to 49.7

China's National Bureau of Statistics reported that the country's Manufacturing Purchasing Managers Index (PMI) declined to 49.3 in October, falling below the market consensus of 50.0. The Non-Manufacturing PMI also decreased to 49.7 in October, compared to September's 50.2 figure. The AUD/USD pair experienced a slight decrease, trading at 0.7028 at the press time.

The level of interest rates set by the Reserve Bank of Australia (RBA) is a significant factor influencing the Australian Dollar, as Australia is a resource-rich country and Iron Ore is its main export. The health of China, Australia's largest trading partner, is another crucial factor, alongside Australia's inflation rate, growth rate, and Trade Balance.

The RBA's decisions on interest rates can impact the AUD's value, as higher rates support the currency, while lower rates weaken it. China's economic performance directly affects the demand for Australia's raw materials, goods, and services, which in turn influences the AUD's value.