AUD to USD exchange rates
|In the last week||0.6756||0.6823|
|In the last month||0.6756||0.6926|
The Australian dollar opened up on Tuesday above 68 cents for the first time in a week an a half.
There were 2 main drivers of the move higher. Firstly, manufacturing data out of China was better than expected.
Why should this help the Australian dollar? Well, China is now Australia's largest trading partner - by some way. An improvement in their economy is a good sign that they will need Australian commodities and so the demand for the Australian dollar is likely to increase.
On the other side the Pacific, the news wasn't so good. Factory data out of the US was slight worse than expected. The market looked at this and sold the US dollar, pushing the AUD/USD back above 68 cents.
It's a busy week both locally and abroad. In Australia, all eyes will be on the RBA interest rate meeting, decision and statement on Tuesday.
Overseas, a series of manufacturing data in China and the US should show what impact the ongoing trade war is having.
|China||Monday||Caixin China Manufacturing PMI|
|USA||Monday||Institute for Supply Management (ISM)|
|Australia||Tuesday||RBA Interest Rate Decision|
|Australia||Wednesday||Gross Domestic Product (GDP)|
|Eurozone||Thursday||Gross Domestic Product (GDP)|
|USA||Friday||Non Farm Payrolls|