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AUD/USD Fell to 0.7020 on Soft Chinese Sept Caixin PMI Data

Posted by Chris Advincula on Sep 23, 2015 7:12:00 AM

The australian dollar fell sharply against the US dollar from 0.7073 to 0.7025 (68 pips) in the prior Asian session immediatly following the weak manufacturing Sept Caixin/Markit PMI of 47.0 versus the median estimate of 47.5 compared to 47.3 in August.

The private report data fell to the lowest level in 6 1/2 years and raised further concerns that China's economy is facing additional weakness and growth and reflected weak external demand.

The Shanghai composite Index closed lower at -2.2% to 3,115.89, and HongKong's Hang Seng Index fell by 2.3%.

The aussie dollar fell further to the intraday low of 0.7018 but rebounds in Europe to 0.7065 with the return of risk sentiment led by the gain of the EURUSD to 1.1173 from 1.1110 (+63 pips) on speculation that the ECB Council may be unlikely to announce additonal QE in their October meeting in Malta. The council said they prefer to further monitor the emerging markets.

AUD.USD.9.23 resized 600 

Chart: WorldWideMarkets Alpha Trader

Topics: AUDUSD, forex trading, European Session, china, Fundamental Analysis, China Manufacturing PMI


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