The Australian dollar felt downside pressure today as economists believed that fundamentals would not be in favor of the Australian currency. The Aussie lost its gains against the US dollar, but managed to retain its advance versus the Japanese yen.
Analysts estimated that Australian building approvals fell 5 percent in July, following the 2.5 percent drop in June. China’s manufacturing Purchasing Managers Index declined from 50.1 to 50 in August, signaling that manufacturing has stalled in the biggest trading partner of Australia. The Australian currency suffered from the negative expectations, but was supported by the positive sentiment of Forex traders, caused by hopes for resolution of the European crisis.
AUD/USD traded at 1.0364 as of 15:08 GMT today, following the rally from 1.0364 to 1.0397. AUD/JPY rose from 81.38 to 81.56.
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