HSBC August Manufacturing PMI

  • Drops to 47.6 (prior 49.3)

AUD/USD trading at 1.0243/48 vs 1.0253/56 before , again a very weak number .

Next support for the AUD/USD is around the 1.0220 level .

The contraction continues as both output and new orders dropped while manufactures cut prices to compete for business .

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