Thursday, September 22, 2011

AUD/USD fell below the parity level

Australian dollar has slumped today below the parity versus the greenback for the first time in more than 6 weeks.

Aussie was affected by HSBC Manufacturing PMI preliminary data that declined from 49.9 in August to 49.4 in September – a reading below 50 signals a contraction in the nation’s manufacturing.

Australia & New Zealand Banking note that concerns about the global economic growth make serious negative pressure on AUD. The currency is especially vulnerable to lower Chinese figures as China is Australia’s largest trading partner, the main buyers of Australian commodities. The International Monetary Fund revised downwards its economic growth forecasts this week. In addition, analysts at Westpac claim that the Federal Reserve’s yesterday statement sounded pessimistic and the central bank didn’t surprise the market.

The pair AUD/USD went down from Friday minimum at $1.0398 to the levels in the $0.9825 area.

daily audusd 14-59
Chart. Daily AUD/USD

published by FBS Holdings © 2011