The Aussie is trying to recover. Overview for 23.08.2022

After being sold for several trading sessions in a row, AUDUSD is trying to rebound.

The Australian Dollar is trying to revive the positive momentum against the USD on Tuesday. The current quote for the instrument is 0.6865.

Not to say the Aussie is looking bad or insecure in comparison to other traded currencies – the situation is absolutely the same. All of them are being pressured by the “greenback”.

In addition, there is a clear negative vibe in the AUD – a serious slump in the Chinese economy. China has always been Australia’s key trade and economic partner, so everything that is happening to its economy is very essential for the economic outlook of the “Green continent”. 

The statistics published by Australia in the morning turned out to be rather unimpressive, just as expected. Preliminary reports on Manufacturing/Services PMIs showed worse number than expected. The first indicator dropped to 54.5 points in August after being 55.7 points the month before. The second one went from 50.9 points in July to 49.6 points this month.

The fact that the indicator broke the psychologically important level of 50 points that separates decline and growth is bad for the AUD. At the same time, August is finishing the Australian winter, so one can expect some local improvement in  the spring.