Australian dollar gained positions against its US counterpart on Monday, after Chinas manufacturing PMI registered an expansion in activity.
AUD/USD reached a session high at 0.9437 at 1:45 GMT, after which consolidation followed at 0.9432, gaining 0.38% for the day. Support was likely to be received at September 17th low, 0.9286, while resistance was to be met at September 18th high and also a three-month high, 0.9528.
It became clear that the preliminary value of the HSBC Purchasing Managers Index for China recorded its highest point in six months in September, reaching 51.2, as in August the index stood at 50.2. The median estimate pointed a reading of 50.9. The sub-index of new orders has reversed its trend and was now climbing. What is more, new orders increased at a faster rate in September compared to August. Values above the key level of 50.0 usually suggest that activity in the sector has increased. This flash value of the PMI from HSBC and Markit is based on 85% to 90% of responses to surveys, sent to more than 420 manufacturers, according to Bloomberg News. The final reading of the index from HSBC and Markit Economics will be released on September 30th, while the Chinese government will release its reading one day later. This data influenced the Aussie in a positive manner, as China is Australias largest export market.
Meanwhile, the Australian currency was steady against the euro, as EUR/AUD cross dipped 0.05% today to trade at 1.4371 at 6:30 GMT. AUD/NZD pair was gaining 0.37% on a daily basis to trade at 1.1275 at 6:32 GMT.
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