Australian Dollar holds gains following China's RatingDog Services PMI data
AUD/USD gains ground after two days of losses, trading around 0.6970 during Asian hours on Wednesday. The currency pair holds its recent gains as the Australian Dollar (AUD) remains stronger following economic data from China, Australia’s key trading partner.
The Australian Dollar (AUD) has recently strengthened following China's RatingDog Services Purchasing Managers' Index (PMI) data for October. The PMI fell to 50.8 from 51.6 in September, indicating a slight slowdown in services expansion within China's key economy. This positive data for China bolstered the Australian Dollar, as it is a major trading partner for Australia.
Despite this, the AUD/USD pair may face challenges moving forward due to political uncertainties surrounding the upcoming US midterm elections and ongoing negotiations with Iran. Analysts note that G10 currencies are currently trading in a mixed manner, with investors focusing on specific currency developments rather than broader macro themes.
The RBA's recent interest rate hike has also been a factor to watch, as market participants await the outcome of the US midterm elections, which could impact investor sentiment.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- China’s RatingDog Services PMI eases to 50.8 in October fxstreet.com
- Dollar dips with US midterm results in focus freemalaysiatoday.com
- Dollar dips with US midterm results in focus straitstimes.com
