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AUD/USD Puts a Halt to its Downtrend and Seeks Reasons to Rise.

The Australian dollar has ceased its decline against the US dollar, with the current AUD/USD exchange rate at 0.6766.

On one hand, the Aussie's position still faces significant pressure from the strong US dollar. On the other hand, the Australian economy is showing signs of stabilization, which could lend support to the AUD.

The preliminary PMI in the Australian manufacturing sector for July rose to 49.6 points from the previous 48.2 points. This increase indicates that companies and enterprises in this segment are actively seeking support from consumer demand and gradually ramping up their production.

However, the services sector is displaying little optimism, as business activity declined to 48.0 points from 50.3 points previously. This decrease has pushed the indicator below the psychologically crucial level of 50, which separates growth from decline.

This year, the AUD exchange rate heavily depends on developments in China. The published statistics from China revealed a mixed performance, suggesting the need for domestic support. This news is not favorable for Australia and its currency.

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The post The Australian Dollar Aims for Growth - Review for July 25, 2023 appeared first at R Blog - RoboForex.

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By: Anna Rostova
Title: The Australian Dollar Aims for Growth - Review for July 25, 2023
Sourced From: blog.roboforex.com/blog/2023/07/25/the-australian-dollar-aims-for-growth-review-for-july-25-2023/
Published Date: Tue, 25 Jul 2023 08:16:57 +0000

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