Australian Dollar Slips on Mixed Chinese PMI Data

The Australian Dollar experienced a modest decline against the US Dollar in early Asian trading on Wednesday due to mixed Chinese Purchasing Managers' Index (PMI) data for March.

The official manufacturing PMI came in at 50.5, slightly above the 50.0 threshold that separates expansion from contraction, but the non-manufacturing PMI slipped to 50.8 from 51.4 in February, indicating a slowdown in the services sector.

This mixed reading tempered optimism about China's economic recovery, which is a key driver for the Australian economy and its currency.

The AUD weakened by approximately 0.2% against the USD, trading around 0.6570 as of 10:30 AEST.