Australian Dollar Inches Lower After Weak China PMI
AUD/USD slipped to around 0.7020 during Asian hours on Friday after China's NBS Manufacturing PMI came in below expectations, tempering optimism from the prior day's 1% gain.
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The Australian dollar edged lower against the US dollar on Friday, giving back some of the previous session's sharp advance. The pair traded near 0.7020 during Asian hours, as a downbeat Chinese manufacturing report dampened risk appetite.
China's NBS Manufacturing PMI for July fell short of forecasts, signaling a slowdown in the world's second-largest economy and a key trading partner for Australia. The disappointing data took the wind out of the Aussie's sails after it had rallied more than 1% the day before.
Source: FXStreet Forex News