They are selling the AUD/USD pair again, but the mid-term trading range remains the same.
The Australian Dollar is falling against the USD on Wednesday afternoon. The current quote for the instrument is 0.7450.
Today’s statistics from China was quite neutral. The Manufacturing PMI in May remained unchanged as compared to April, at 51.2 points, although it was expected to decrease up to 51.0 points. The Non-Manufacturing PMI increased up to 54.5 points after being 54.0 points the month before.
Both reports show that the indicators are above 50 points, a psychologically-crucial level, which separates decline from growth. The components of the Manufacturing PMI report show a significant improvement of the metal industry.
On Wednesday afternoon, the RBA reported on the Private Sector Credit. This is a minor report, which is not very important for investors, but rather significant for fundamental analysis. So, the indicator expanded by 0.4% m/m (+4.9% y/y) in April after adding 0.3% m/m in March. As one can see, the Private Sector affords itself to make major purchases, thus affirming the opinion that the Australian economy is quite stable.
The Aussie is trading inside a steady trading range and daily fluctuations don’t mean anything serious. Without new catalysts, from the USA or China, the AUD/USD pair will continue moving sideways.
RoboForex Analytical Department