Fundamental Comment

Mixed Chinese PMI data weighs on Aussie dollar


China's manufacturing and service sector data for April were mixed, pushing the Australian dollar lower as the currency is mainly affected by the performance of the Chinese economy, which is Australia's first trading partner.

Manufacturing PMI for April rose to 51.4 points, above forecasts of 51.3, while the previous reading was 51.5. The services PMI came in at 54.8 from the previous reading of 54.6 and expectations of 54.5.

Accordingly, the composite index gathering both manufacturing and services sectors showed a rise of 54.1 from a previous of 54.0.

The Aussie dollar fell again against its U.S. counterpart to trade near a four-month low of 0.7552, after opening today's session at 0.7575.

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