AUD/USD Consolidates Its Gains Around 0.6560 Ahead Of The US PMI Data
Image Source: Unsplash
- AUD/USD remains confined in a narrow trading range of 0.6550–0.6570 on Friday.
- The Australian Judo Bank PMI report indicated an economic slowdown in Australian economic activity in November.
- All eyes are on the US S&P Global PMI data on Friday.
The AUD/USD pair consolidates its gains between 0.6550 and 0.6570 during the early Asian session on Friday. Market activity was subdued, with US markets closed for the Thanksgiving holiday on Thursday. On Friday, the US S&P Global PMI will be in the spotlight. AUD/USD currently trades near 0.6560, gaining 0.02% on the day.
On Thursday, the preliminary Australian Judo Bank Manufacturing PMI for November arrived at 47.7 from 48.2 the previous month, the lowest reading in 42 months. Additionally, the Judo Bank Services PMI dropped to 46.3 from the previous reading of 47.9. The Composite PMI fell to a 27-month low of 46.4 in November from 47.6 previously. The report indicated the economic slowdown in Australian economic activity in November.
Nonetheless, the hope for a fresh Chinese stimulus plan boosted market sentiment on Friday. That being said, Chinese authorities have reportedly included Country Garden Holdings Co on a list of 50 eligible property developers that would have access to financing. Other troubled developers on the list are Sino-Ocean Group and CIFI Holdings. This, in turn, lifts the China-proxy Australian Dollar (AUD) and acts as a tailwind for the AUD/USD pair.
On the other hand, there was no economic data released from the US on Thursday due to the Thanksgiving holiday. Investors will keep an eye on the US S&P Global PMI data, due later in the American session on Friday. The Manufacturing and Services PMI are estimated to ease to 49.8 and 50.4, respectively. These figures could give a clear direction to the AUD/USD pair.
AUD/USD
OVERVIEW | |
---|---|
Today last price | 0.656 |
Today Daily Change | 0.0019 |
Today Daily Change % | 0.29 |
Today daily open | 0.6541 |
TRENDS | |
---|---|
Daily SMA20 | 0.644 |
Daily SMA50 | 0.6404 |
Daily SMA100 | 0.6485 |
Daily SMA200 | 0.6588 |
LEVELS | |
---|---|
Previous Daily High | 0.657 |
Previous Daily Low | 0.6521 |
Previous Weekly High | 0.6542 |
Previous Weekly Low | 0.6352 |
Previous Monthly High | 0.6445 |
Previous Monthly Low | 0.627 |
Daily Fibonacci 38.2% | 0.654 |
Daily Fibonacci 61.8% | 0.6551 |
Daily Pivot Point S1 | 0.6518 |
Daily Pivot Point S2 | 0.6495 |
Daily Pivot Point S3 | 0.647 |
Daily Pivot Point R1 | 0.6566 |
Daily Pivot Point R2 | 0.6592 |
Daily Pivot Point R3 | 0.6615 |
More By This Author:
USD/JPY Fails To Hold Momentum And Trims Daily LossesUS Dollar Steady Below 104 With US Markets Enjoying Thanksgiving
GBP/USD Price Analysis: Aims To Revisit Two-Month Highs, Hovers Above 1.2500
Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...
more