Australian dollar hits pause after downbeat data

Economies.com
2019-11-22 16:41PM UTC

Aussie faltered against the US dollar today after the release of weak data as investors parse the recent trade developments between the US and China.

 

The Australian manufacturing PMI flash reading showed a slowdown to 49.9 in last month vs. 50 in the previous reading, while the service PMI slowed to 49.1 vs. 50.1.

 

President Donald Trump said the US and China have a very good chance to make a deal soon.

 

Chinese President, Xi Jinping, said that China and the US are in close contact to reach a trade agreement, but will not shy away from retaliation if necessary, after Trump's threats to increase tariffs against China if it did not sign the agreement with the US.

 

AUD/USD held at 0.6785 as of 16:39 GMT, the pair hit an intraday high of 0.6804 and a low of 0.678.

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