AUD/USD Drops to 0.7830 after China PMI

Australia’s dollar dropped with copper futures, while Chinese shares fluctuated as a private gauge of manufacturing in the world’s second-biggest economy fell more than estimated. U.S. oil slipped, while gold climbed.

Copper futures slid 1 percent on the Comex by 10:35 a.m. in Hong Kong, while the Aussie lost 0.4 percent. The Shanghai Composite Index swung to a gain of 0.3 percent from a loss of as much as 1.2 percent. South Korea’s won retreated as the Bloomberg Dollar Spot Index extended Friday’s 0.6 percent rebound. Gold climbed 0.4 percent. U.S. oil was at $58.80 a barrel.

The final April Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics fell to 48.9, the lowest in a year, with a commentary in the China Securities Journal saying second-quarter economic growth will slow to 6.8 percent. Australia’s central bank reviews rates Tuesday. The greenback rallied against major peers Friday as two Federal Reserve officials said U.S. interest rates could be raised at any time.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.