AUD
hop hurdles surge by Chinese Manufacturing PMI
The AUD rallied against its American counterpart, USD as
the turmoil in Cyprus and an encouraging China’s HSBC Flash Manufacturing at
51.7.
As the turmoil in Cyprus made difficult times in Europe
that represented AUD be the safe-haven for investors looking to park their
money. So, the AUD broke through 104 US cents (i.e.) week end session at 104.26
US cents from previous close of 103.73 US cents. And the currency also gained
against Euro.
The ultimate HSBC Flash Manufacturing PMI of 51.7 sent the AUD
on a rally from 1.0374 before the release to 1.0385 just minutes after. This
was the second rally that the AUD has seen a rally in early March due to the
announcements made by the RBA’s minutes.
China is the Australia’s largest trading partner, as it
showed a good sign in manufacturing PMI. Thus implied in the Australia’s
commodities based economy and AUD would spectacle good rally.
March 12 of this month, the AUD had hit its highest point
against the GBP since February 1985. This mind blowing achievement had attained
just because of the British economy felt recession. On the same day, the dollar
bought at 99.5 Yen, its highest level since 2008.
The AUD had spiked after jobs data, that the unemployment
in Australia remained steady in February. The Australian Bureau of Statistics
showed the total number of jobs in Australia increased and enrolled 71,500 jobs
in that. The AUD sat at 103.07 US cents before the data release and jumped over
half a US cent to 103.58. The unemployment rate remains steady at 5.4 percent.
The Australian currency had little changed by U.S FED
update that the U.S economy had improved there wouldn’t be an end to the
central bank’s economic stimulus plans. And Cyprus Financial woes were no
threat to the U.S economy. This helped the AUD hit its overnight high.
Even all the benefits grab by AUD, its further rally
continued most by the encouraging Chinese Manufacturing figures.
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