China’s index for business activity in the manufacturing sector, based on the study of purchasing managers, in its preliminary reading in September, made up 47.8 points, which is just 0.2 points higher than the value in August. Since the value of the index is still below 50, the slowdown in the manufacturing sector in China continues. This fact forced the Australian dollar to test a week low during the trading in Asia, because China is a major trading partner of Australia. The Australian currency reached $ 1.0378 earlier this morning towards 1.0477 during the USA session on Wednesday.
Matthew Lifsan, a currency trader at Cambridge Mercantile Group, says that as long as people remain concerned about the prospects of China’s economy, some of the currencies will continue to fall. The Australian dollar against the U.S. currency could end the year at 1.0150.
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