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Despite a Mixed China PMI and a Strengthening USD, AUD/USD Remains below 0.7200

Daniel Rogers

May 31, 2022 14:45

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AUD/USD struggles to rebound from its intraday low of 0.7160, ending a three-day climb above the monthly high, as Australian traders review Chinese activity data and domestic housing data on Tuesday morning. In doing so, the Australian dollar pair splits a three-day uptrend and decreases daily from its highest levels since the beginning of May.

 

China's official activity statistics showed a dip in May, with the headline NBS Manufacturing PMI meeting market forecasts at 49.6 compared to 47.4 earlier, and the Non-Manufacturing PMI falling to 47.8 below the market's 50.7 forecast.

 

In addition, Australia's Building Permits declined by -2.4 percent in April, compared to the anticipated 2.0 percent increase and previous readings of -18.5 percent.

 

Despite bad data from Australia's largest client and lower housing statistics at home, AUD/USD traders can maintain recent gains due to the market's mixed attitude and the US dollar's recovery.

 

As bond buyers take a vacation in the early hours of Tuesday, market excitement wanes, supporting a slide in riskier assets such as stocks and commodities. In addition, developments in Europe and consolidation at the conclusion of the month undermined the earlier risk-on mentality. Futures for the S&P 500 retrace from a three-week high that was reached the previous day in order to retest the 4,155 level. In addition, 10-year US Treasury yields have risen by 8.5 basis points (bps) to 2.835% as of press time.

 

Given the US recovery and a shift in market sentiment, as well as bad data from China and Australia, it is anticipated that the AUD/USD exchange rate will continue to decrease. Nevertheless, risk catalysts and secondary US activity statistics for the month of May must be attentively examined.

Technical Evaluation

A AUD/USD decline remains elusive as of press time till the pair holds above a 13-day-old support line near 0.7135. To satisfy buyers, though, recovery moves must rebuild the monthly high near 0.7270 by the latest.


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