FOREX TradingCharts.com

Forex News: Australian Dollar Declines As China Factory Activity Shrinks

Australian Dollar Declines As China Factory Activity Shrinks To Near 3-yr Low

02/01/2019 - 01:46:00 (RTTNews)

(RTTNews) - The Australian dollar fell against its major counterparts in the Asian session on Friday, after a data showed contraction in China manufacturing activity in January, suggesting that the world's second largest economy has lost its momentum at the beginning of the year.

Survey data from IHS Markit showed that the headline seasonally adjusted Caixin Factory Purchasing Managers' Index, or PMI, fell to 48.3 from 49.7 in December. The reading was the lowest since February 2016.

Any reading below 50 indicates contraction in the sector.

The subindex for new orders dipped further into contractionary territory, pointing to a moderate contraction in demand across the manufacturing sector, the survey said.

Investors are also cautious as they look ahead to the U.S. jobs data for January due later in the day.

The latest survey from the Australian Industry Group showed that the manufacturing sector in Australia moved to expansion in January, with a Performance of Manufacturing Index score of 52.5. That's up from the stagnation point of 50.0 in December; a reading above indicates expansion and below means contraction.

The Australian Bureau of Statistics said that final demand producer prices were up 0.5 percent on quarter in the fourth quarter of 2018, down from 0.8 percent in the three months prior. On a yearly basis, final demand producer prices advanced 2.0 percent, slowing from 2.1 percent in the third quarter.

The aussie fell to 2-day lows of 1.0471 against the kiwi and 0.7237 against the greenback, from its early highs of 1.0519 and 0.7278, respectively. If the aussie falls further, 1.02 and 0.71 are possibly seen as its next support levels against the kiwi and the greenback, respectively.

Reversing from its early highs of 79.31 against the yen and 0.9554 against the loonie, the aussie fell to 2-day lows of 78.73 and 0.9514, respectively. The aussie is seen finding support around 77.00 against the yen and 0.94 against the loonie.

Having advanced to 1.5728 against the euro at 5:00 pm ET, the aussie reversed direction and fell to 1.5809. The aussie is poised to challenge support around the 1.60 level.

Looking ahead, at 2:30 am ET, Swiss retail sales for December are due.

PMI reports from major European economies and Eurozone consumer inflation data for January are due in the European session.

In the New York session, U.S. construction spending for December, nonfarm payrolls data, ISM manufacturing index and University of Michigan's final consumer sentiment index for January are scheduled for release.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Canadian Dollar Spikes Up As Oil Prices Rise Amid Ongoing U.S.-China Trade Talks (01 min(s), 16 sec(s) ago)
(RTTNews) - The Canadian dollar climbed against its major counterparts in the European session on ...Full Story»

Loonie Rises Following Canada Retail Sales (22 min(s), 44 sec(s) ago)
(RTTNews) - At 8:30 am ET Friday, Statistics Canada has released Canada retail sales for December. ...Full Story»

Loonie Mixed Ahead Of Canada Retail Sales (25 min(s), 43 sec(s) ago)
(RTTNews) - At 8:30 am ET Friday, Statistics Canada will release Canada retail sales for December. ...Full Story»

Pound Weakens On Brexit Stalemate (37 min(s), 43 sec(s) ago)
(RTTNews) - The pound slipped against its major counterparts in the European session on Friday, as ...Full Story»

Euro Little Changed Following Eurozone Consumer Inflation (03 hr(s), 55 min(s), 44 sec(s) ago)
(RTTNews) - Following the release of Eurozone final consumer inflation for January at 5:00 am ET F ...Full Story»

Euro Mixed Ahead Of Eurozone Consumer Inflation (03 hr(s), 58 min(s), 43 sec(s) ago)
(RTTNews) - At 5:00 am ET Friday, Eurozone final consumer inflation for January is set for release ...Full Story»

Euro Little Changed After German Ifo Business Sentiment Index (04 hr(s), 46 min(s), 44 sec(s) ago)
(RTTNews) - German Ifo business sentiment index for February has been released at 4:00 am ET Frida ...Full Story»

NZ Dollar Falls After RBNZ Deputy Governor Hints At Rate Cut (06 hr(s), 19 min(s), 44 sec(s) ago)
(RTTNews) - The New Zealand dollar slipped against its major counterparts in the Asian session on ...Full Story»

Search

FOREX NEWS

Canadian Dollar Spikes Up As Oil Prices Rise Amid Ongoing U.S.-China Trade Talks

02/22/2019 - 09:59 AM (RTTNews)
(RTTNews) - The Canadian dollar climbed against its major counterparts in the European session on ...Full Story>>

Loonie Rises Following Canada Retail Sales

02/22/2019 - 08:35 AM (RTTNews)
(RTTNews) - At 8:30 am ET Friday, Statistics Canada has released Canada retail sales for December. ...Full Story>>

Loonie Mixed Ahead Of Canada Retail Sales

02/22/2019 - 08:30 AM (RTTNews)
(RTTNews) - At 8:30 am ET Friday, Statistics Canada will release Canada retail sales for December. ...Full Story>>

Pound Weakens On Brexit Stalemate

02/22/2019 - 08:19 AM (RTTNews)
(RTTNews) - The pound slipped against its major counterparts in the European session on Friday, as ...Full Story>>

Euro Little Changed Following Eurozone Consumer Inflation

02/22/2019 - 05:02 AM (RTTNews)
(RTTNews) - Following the release of Eurozone final consumer inflation for January at 5:00 am ET F ...Full Story>>
These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.