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Australian Dollar Dips as China’s Manufacturing PMI Contracts in July

BitcoinWorld Australian Dollar Dips as China’s Manufacturing PMI Contracts in July The Australian Dollar edged lower against the US Dollar on Wednesday after China’s National Bureau of Statistics reported that the Manufacturing Purchasing Managers’ Index (PMI) fell to 49.4 in July, down from 49.5 in June and below the 50.0 threshold that separates contraction from expansion.

The data, released at 01:30 GMT, signals a continued contraction in China’s factory activity, which weighs on risk sentiment and, by extension, on the Australian Dollar due to its close trade ties with China.

Market Reaction and AUD/USD Movement Following the PMI release, the AUD/USD pair slipped by about 0.2% to trade near 0.6530 during the Asian session. The Australian Dollar often serves as a proxy for China’s economic health, as China is Australia’s largest trading partner.

The weaker-than-expected reading dampened demand for the Aussie, as investors grew more cautious about global growth prospects.

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