AUD/USD bounces off two-week low towards 0.6900 after China PMI, focus on US PCE inflation By anilpanchal7 AUDUSD RiskAppetite PMI Fed Inflation
China’s preliminary readings of official PMIs came in better than previous for May. That said, the headline NBS Manufacturing PMI rose to 50.2 versus 49.6 prior, versus 50.4 forecasts. Further, Non-Manufacturing PMI rallied to 54.7 versus 52.5 expected and 47.8 in previous readings.
It’s worth noting that the trader’s anxiety ahead of the Fed’s preferred inflation gauge, namely the Core Personal Consumption Expenditure Price Index, for May, expected 0.4% MoM versus 0.3% prior, weighs on theWhile portraying the mood, S&P 500 Futures print a four-day downtrend while the US 10-year Treasury yields drop for the third consecutive day, down one basis point to 3.087% at the latest.
In addition to the pre-data caution, fears of recession and recently downbeat numbers from China also challenge market optimists and allow AUD/USD bears to keep reins. Even so, the quote is near to the important supports and the pre-data mood signals the corrective pullback ahead of the US PCE inflation numbers.Any AUD/USD rebound needs validation from the 10-DMA and a two-week-old resistance line, respectively around 0.6920 and 0.6935.
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