Forex - Aussie up after CFLP PMI comes in a bit above expectations
Published May 31, 2016 09:07PM ET
Aussie holds gains
Investing.com - The Aussie held gains after the CFLP China PMI came in a tad better than expected with the Caixin ahead on Wednesday as did the yen.
AUD/USD traded at 0.7236, up 0.03%, while USD/JPY changed hands at 110.59, down 0.10%.
In China the semi-official CFLP manufacturing PMI for May came in a bit higher than expected at 50.1, unchanged from the previous month. The non-manufacturing PMI for May came in at 53.1, down from 53.5 the previous month.
The Caixin manufacturing PMI follows with a level of 49.3 expected, down from the previous 49.4.
Australia also reports first quarter GDP with a 2.8% rise seen year-on-year and a 0.8% pace quarter-on-quarter.
Earlier, Australia reported the AIG manufacturing index eased to 51 in May from 53.4 the previous month.
Ahead, Japan reports the manufacturing PMI for May with 47.6 seen, flat from the previous month.
Earlier, Japan reported first quarter capital spending jumped 4.2%, compared with with a 1.9% gain seen year-on-year.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.01% at 95.84.
Overnight, the dollar slipped lower against the other major currencies on Tuesday, pulling away from a two-month peak after downbeat U.S. consumer confidence and manufacturing data overshadowed more positive reports released earlier in the day.
The Conference Board said its index of consumer confidence fell to 92.6 this month from a reading of 94.7 in April, whose figure was revised from a previously reported 94.2. Analysts had expected the index to increase to 96.0 in May.
The data came after market research group Kingsbury International said its Chicago purchasing managers’ index declined to a three-month low of 49.3 this month from a reading of 50.4 in April. Analysts had expected the index to rise to 50.9 in May.
Earlier Tuesday, the U.S. Commerce Department said that personal spending climbed by 1.0% last month, above expectations for a gain of 0.7%. Personal spending for March rose 0.1%.
Personal income, meanwhile, rose by 0.4%, in line with forecasts and after rising 0.4% a month earlier.
The dollar had strengthened broadly after Federal Reserve Chair Janet Yellen said on Friday that it would be appropriate for the central bank to raise rates “gradually and cautiously” in the coming months if the economy and the labor market continue to pick up as expected.
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Written By: Investing.com
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