AUD/USD at 0.9450 before China PMI Data

The Australian dollar was poised for its biggest weekly drop in two months before a Chinese report forecast to show manufacturing strengthened last month.

The Aussie held a loss from yesterday before Federal Reserve Bank of St. Louis President James Bullard and his counterparts Narayana Kocherlakota and Jeffrey Lacker speak today as investors weigh prospects for stimulus tapering. New Zealand’s currency was poised for its first back-to-back weekly declines since August.

“There’s downside risk for the Aussie dollar, so we really need to see a positive print from China for it to hold on,” said Stan Shamu, a market strategist at IG Ltd. in Melbourne. “Comments from Fed speakers today will carry a lot of weight for the U.S. dollar and how it trades in the short term,’

Bloomberg

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