AUD Steady Despite Weak China PMI Data Ahead of Fed Meeting

The Australian Dollar (AUD) held its ground against the US Dollar in early Asian trading on Monday, despite weaker-than-expected Chinese Purchasing Managers' Index (PMI) data for May.

The official manufacturing PMI came in at 49.5, missing the consensus forecast of 50.5 and falling back into contraction territory, while the non-manufacturing PMI softened to 53.6 from 54.4.

This resilience suggests that traders are looking past the soft data, focusing instead on upcoming US Federal Reserve policy signals and domestic economic indicators.