China’s manufacturing activity matched forecasts in June, leaving the Australian Dollar largely unchanged amid broader USD strength.
China’s Manufacturing PMI remained steady at 51.7 in June, aligning with market expectations, according to data released Wednesday. The reading was unchanged from May’s revised figure, signaling stable but modest expansion in the sector.
The index, a key gauge of China’s manufacturing health, is closely monitored due to its influence on Australia’s trade-dependent economy. Despite the stable print, the AUD showed little reaction, with the AUD/USD pair trading 0.37% lower at 0.6893.
The Australian Dollar weakened against most major currencies, particularly the USD, as broader market dynamics overshadowed the PMI data. The heat map of currency movements highlighted the AUD’s underperformance relative to peers.