China’s Flash PMI data for February showed a surprising contraction, an event which pushed the Australian Dollar lower against the U.S. Dollar. As reported at 1:30 p.m. (JST) in Tokyo, the Australian Dollar was trading at $1.0383, a 0.7% decline and the lowest point in nearly 2-months. Ahead of the data release, the AUD/USD pair was trading at $1.044.
While a slowdown China is unwelcome news for the rest of the globe, no where is it more keenly felt than in Australia which is a key trading partner. Thus far in March, the Aussie Dollar has already lost 4% off its value relative to the U.S. Dollar; it also struck this year’s low against the Euro, trading at 1.2738 and the 5th straight day of losses.
The Euro is back on an uptrend against the U.S. Dollar, following a slide overnight as investors sold off the EUR/USD pair on fresh fears of Eurozone peripheral debt issues, this time from Spain. The Euro was last trading higher against the greenback, at $1.3232, a gain of 0.1%. Recently, the Spanish government announced that it would not be meeting the budget targets that it had previously agreed to.
While a slowdown China is unwelcome news for the rest of the globe, no where is it more keenly felt than in Australia which is a key trading partner. Thus far in March, the Aussie Dollar has already lost 4% off its value relative to the U.S. Dollar; it also struck this year’s low against the Euro, trading at 1.2738 and the 5th straight day of losses.
The Euro is back on an uptrend against the U.S. Dollar, following a slide overnight as investors sold off the EUR/USD pair on fresh fears of Eurozone peripheral debt issues, this time from Spain. The Euro was last trading higher against the greenback, at $1.3232, a gain of 0.1%. Recently, the Spanish government announced that it would not be meeting the budget targets that it had previously agreed to.
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