AUD Slides to 0.70 as Strong US Manufacturing Data Boosts USD

The Australian Dollar (AUD) has declined to 0.70 against the US Dollar, despite an overall risk-on mood in the markets.

This reversal is largely due to positive data on the US manufacturing sector, with the ISM PMI for July coming in at 55.6, its highest level since 2022.

The sub-components of employment showed that companies are hiring, but the prices paid revealed elevated input costs.

This strong US data has offset the risk-on mood and revived the US Dollar, causing the AUD to retreat from session highs.