Aussie holds revenues in Asia
On Monday, the Australian dollar held its profits in Asia, shrugging off a PMI services reading, which sagged steeply into contraction and noting an abrupt revenue during the second quarter. Meanwhile, business profits with a China services aided market sentiment, while the Japanese yen earned following remarks from the BOJ governor that signaled room to ease further.
The currency pair AUD/USD headed north 0.26% being worth 0.7593, while USD/JPY traded at 103.72, tumbling 0.18%.
In Australia, in August, the AIG services index edged down into contraction at 45.0 with a previous value of 53.9. Besides this, the Caixin services PMI from China ascended to 52.1, thus beating an expected 51.9 level and outperforming last month’s 51.7. By the way, China is considered to be a top trading partner of Australia.
AI Group Chief Executive Innes Willox told that the drop in services combined with the return to contraction of the manufacturing index should be regarded as a sobering warning of the overall fragility of the national economy.