AUD Slips as Strong US ISM Data Boosts Greenback
The Australian Dollar (AUD) slipped against the US Dollar (USD) on Monday, falling towards the 0.6990 area after stronger-than-expected US manufacturing data reinforced the Greenback's strength.
According to the Institute for Supply Management (ISM), US manufacturing activity in July saw a significant increase, with the ISM Manufacturing Purchasing Managers Index (PMI) rising to 55.6 and New Orders climbing to 56.7.
The stronger-than-expected figures prompted a rebound in US Treasury yields and supported the US Dollar, weighing on risk-sensitive currencies like the AUD.
Markets are now focused on the Asia-Pacific session, where Australia will release its final S&P Global Services and Composite PMIs for July, which are expected to remain unchanged from their prior readings.
The privately compiled China's RatingDog Services PMI is also set to be released, with a forecast of 53.7 in July.