AUD/USD Fundamental Analysis – August 24, 2015 – Forecast

Analysis and Recommendation:

The AUD/USD tumbled 25 points to 0.7311 after the Caixin (HSBC) manufacturing PMI missed expectations.  High quality global journalism requires investment.

Minutes this week from the US central bank’s latest meeting were deemed dovish and prompted many in the market to peg back bets the Fed would raise interest rates in September.

The US dollar weakened on Thursday, while the S&P sank 2.1 per cent — its biggest one-day drop since February 2014, and wiping out the benchmark’s gains for the year. The Dow Jones Industrial Average slid 2.1 per cent and the Nasdaq Composite shed 2.8 per cent.

The dollar index, a measure of the US currency against a basket of global peers, was down 0.3 per cent at 95.699 on Friday, but that was not enough to buoy Asian currencies.

The preliminary reading for a key Chinese purchasing managers’ index (PMI) fell to a near six-and-a-half-year low of 47.1 in August, below a Reuters forecast of 47.7, underscoring persistent sluggishness in country’s vast factory sector.

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Monday, August 24, 2015