AUD Dives Below 0.7 as Strong US ISM PMI Crushes Aussie Dollar

The Australian Dollar has dropped to 0.70 against the US Dollar following the release of strong US ISM Manufacturing PMI data, which beat market forecasts and reinforced expectations that the Federal Reserve may keep interest rates higher for longer.

The US ISM Manufacturing PMI came in at an actual value of [actual value], beating market forecasts of [forecast value]. This upbeat data has led to a strengthening of the US Dollar across the board, putting downward pressure on the Australian Dollar.

In contrast, the Australian Dollar faced headwinds from weaker commodity prices and concerns over China's economic outlook, which added to the downward pressure on the currency pair.