THE TAKEAWAY: The Australian Dollar fell against the US Dollar and most of its major counterparts as the China HSBC PMI came in worse than expected.
Created Using Marketscope 2.0
The Australian Dollar fell against most of its major counterparts, and a significant move was seen against the US Dollar as the China HSBC PMI for February disappointed markets. The January PMI saw some signs of a recovery in the region at 52.3, and analysts had expected 52.2 for the month of February but saw disappointing 50.4. China holds a 13.2% share of Australia’s two way trade, and this poor flash saw investors lose confidence in the strength of the so called ‘Aussie’.