The preliminary reading of Australia's Judo Bank Manufacturing Purchasing Managers Index (PMI) remained steady at 49.6 in May from 49.6 in April, the latest data published by Judo Bank and S&P Global showed on Thursday.
The preliminary reading of Australia 's Judo Bank Manufacturing Purchasing Managers Index remained steady at 49.6 in May from 49.6 in April, the latest data published by Judo Bank and S&P Global showed on Thursday. The Judo Bank Australia n Services PMI dropped to 53.1 in May from the previous reading of 53.6, while the Composite PMI eased to 52.6 in May versus 53.0 prior. Market reaction At the press time,the AUD/USD pairwas up 0.06% on the day to trade at 0.6623.
How does the health of the Chinese Economy impact the Australian Dollar? China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar . When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected.
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