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USD/CNY Logs Modest Gains After China’s Services PMI Disappoints

The USD/CNY currency pair rose modestly today following a worse-than-expected report on China’s services sector. While the industry continued to expand, the rate of expansion slowed much more than economists were expecting.

USD/CNY Rises After Disappointing China’s PMI

The Chinese yuan fell against the US dollar today as Purchasing Managers’ Indices released today, both official and private, were disappointing. The Forex market was mixed today, without a clear trend. The rest of the week is going to be extremely eventful in terms of macroeconomic releases.

Aussie Strongest Despite Surprise Drop in China’s Services PMI

The market sentiment remained favorable for commodity currencies, allowing them to maintain a rally. The Australian dollar was the strongest among them, rising against all other most-traded currencies. The Aussie managed to rally even after macroeconomic data showed slower-than-expected expansion of the services industry in China, Australia’s biggest trading partner. Meanwhile, the rally of crude oil prices was helping commodity currencies, especially those of oil-producing countries.

Australian Dollar Starts Year on Strong Footing

The Australian dollar traded mostly higher against its most-traded rivals on the back of the positive market sentiment. Traders looked into the future with optimism thanks to expectations of coronavirus vaccine rollouts and the subsequent recovery of the global economy. A manufacturing report for China, Australia’s biggest trading partner, missed expectations but it did not seem to have a material impact on markets, perhaps because the data was not outright bad.

NZ Dollar Soft Despite Positive Reports in New Zealand & China

The New Zealand dollar was soft today, falling against many of its most-traded rivals. That is despite positive macroeconomic reports released during Thursday’s trading session in New Zealand and China, New Zealand’s biggest trading partner.

Australian Dollar Mixed After RBA Meeting, China’s Manufacturing PMI

The Australian dollar did not show a clear trend today. The Reserve Bank of Australia left its monetary policy unchanged at its last policy meeting this year, as was widely expected. China’s macroeconomic data was helpful to the Australian currency.

New Zealand Dollar Rallies, Domestic & Chinese Data Helps

The New Zealand dollar rallied against major currencies today, though was unable to beat its commodity-linked counterparts. Market analysts explained the rally by the sharp rebound of crude oil prices after an intraday decline. Positive macroeconomic data from New Zealand itself and the country’s biggest trading partner, China, was also supporting the kiwi.

Australian Dollar Weak After Trade Balance Shrinks

The Australian dollar was weak today, falling against almost all other most-traded currencies. Some market analysts blamed the decline on the disappointing trade data released in Australia during the trading session, while others thought that it might be just a corrective sell-off after the incredibly good performance last month.

Australian Dollar Outlook: Can RBA Stop Aussie’s Rally?

The Australian dollar was very strong lately, reaching the highest level in more than a year and a half against its US counterpart last week. But some traders are worried that the currency will be unable to extend its rally, especially if the nation’s central bank remains dovish. Let’s look at fundamentals that will be driving the Australian currency this week.

Australian Dollar Strongest amid Positive Market Sentiment

The Australian dollar rose against a basket of most-traded currencies, including the New Zealand dollar, which itself was very strong. The likely reason for the Aussie’s strong performance was the positive market sentiment caused by a rally of US and European stocks. Domestic macroeconomic data was also helpful to the currency, while disappointing data from China, Australia’s biggest trading partner, did not have a material impact on the Australian currency.

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