Australian Manufacturing Falls on Stronger AUD

The Australian Industry Group-PricewaterhouseCoopers Australian Performance of Manufacturing Index fell 6.9 points to 40.3 on month, hit by a combination of a strong Australian dollar, rising costs and weak demand. Conditions aren’t expected to improve in the coming months after the introduction of a carbon tax for the country’s heaviest polluters and because of low new orders.

The Australian share market was restrained by weak manufacturing data from China and Australia on Wednesday as global markets consolidated before the U.S. Federal Reserve and European Central Bank meetings this week.

The benchmark S&P/ASX 200 index closed down 0.2% at 4262.8 after falling to 4253 from 4268.8 7 intraday. The value of shares traded shrank to A$3.3 billion compared to A$4.3 billion on Tuesday when the index hit an 11-week high of 4288.1.

via WSJ

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza