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AUD/USD drops through 0.86 momentarily weak China PMI

FXStreet (Guatemala) - AUD/USD is trading at 0.8607, down -0.08% on the day, having posted a daily high at 0.8624 and low at 0.8586.

AUD/USD fell through the 0.86 level after a 6 month low in China’s HSBC flash manufacturing PMI for November that read as 50.0 vs expected 50.2. The report was poor and read that “Disinflationary pressures remain strong and the labour market showed further signs of weakening…Weak price pressures and low capacity utilization point to insufficient demand in the economy…Furthermore, we still see uncertainties in the months ahead from the property market and on the export front…We think growth still faces significant downward pressures, and more monetary and fiscal easing measures should be deployed”.

With this data, the AUD/USD downside is opening up and has printed a low below the 0.86 handle before bouncing back up through the figure. A decent break of the downside and closes would be an extension of the bear trend bringing in the 0.8000 handle’s lower end and exposing the desired lower levels of the RBA into the 0.7000’s.

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