The Australian dollar remains steady as traders monitor US-Iran negotiations and await China’s May PMI data.
The AUD/USD pair traded at 0.7185 in early Asian trading on Monday, showing little movement as investors weighed ongoing US-Iran discussions. Iranian officials indicated talks were progressing but cautioned against premature assessments, while rising Middle East tensions could support the USD as a safe-haven asset.
China’s official Manufacturing PMI matched expectations at 50.0 in May, down from 50.3 in April, while the Non-Manufacturing PMI rose to 50.1 from 49.4. Traders now await the private-sector RatingDog Manufacturing PMI report later today, which could influence risk sentiment and the AUD.
Market reaction has been muted, with the pair remaining rangebound as participants await clearer signals from geopolitical developments and economic data.