Forex – Aussie weaker in early Asia with Caxin PMI ahead

Forex
© Reuters.  Aussie weaker in Asia© Reuters. Aussie weaker in Asia

Investing.com – The Aussie was quoted weaker in early Asia on Thursday ahead of a key China manufacturing PMI and domestic figures on capital spending.

traded at 0.7430, down 0.48%, while changed hands at 110.77, down 0.05%. rose 0.26% to 1.2891.

In Australia, first quarter is due with a 0.8% gain seen quarter-on-quarter and for April are up with a 0.3% increase expected month-on-month.

As well, China’s for May is due with a level of 50.1 seen.

China reported official for May at 51.2, compared with a level of 51.0 seen, and steady with 51.2 in April. The came in at 54.5, up from a level last at 54.0 in April. A figure above 50 denotes expansion.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted downy 0.34% to 96.89.

Overnight, the dollar drifted lower against a basket of major currencies on Wednesday after a pair of economic reports showed weakness in both the U.S. manufacturing and housing sector.

The dollar dropped to session lows, after U.S. Midwest manufacturing fell more than forecast in May from its strongest level in more than two years while continued tightening in the number of homes available for sale weighed on U.S. pending home sales.

The Chicago Purchasing Management Index, also known as the Chicago Business Barometer, fell to 55.2 from April’s 58.3 which was the highest level since January 2015. Analysts had expected a reading of 57.0 for May.

In a separate report, The National Association Realtors said U.S. pending home sales, a forward looking measure of US home sales, fell 1.3% in April.

It was the second consecutive month of soft pending home sales data, and missed analysts’ forecasts of a rise to 0.5%.

“Much of the country for the second straight month saw a pullback in pending sales as the rate of new listings continues to lag the quicker pace of homes coming off the market,” said Lawrence Yun, chief economist for the Realtors

Research company Panelbase said Prime Minister Theresa May’s lead over the Labour Party increased to 15 points, easing concerns over an earlier YouGov poll that showed Conservatives failing to secure an overall majority in the June 8 vote.

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