AUD/USD Drops Toward 0.6990 on Strong US Manufacturing Data
The Australian dollar weakened against the US dollar after stronger-than-expected ISM Manufacturing data boosted the greenback.
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AUD/USD extended its pullback during Monday's American session, sliding toward the 0.6990 area. The move came after United States ISM Manufacturing data surprised to the upside, reinforcing demand for the US Dollar.
The upbeat manufacturing figures bolstered the greenback across the board, putting pressure on the risk-sensitive Australian dollar. The pair retreated from earlier levels as markets reassessed the relative strength of the two economies.
Source: FXStreet Forex News