Aussie Struggles to Keep Gains Caused by Good PMIs

Jun 22,2019 00:56   Source:Earnforex

Australian coins and banknotesThe Australian dollar attempted to rally today following the release of good PMI prints. But while the Aussie managed to keep gains against some most-traded rivals, like the Japanese yen and the Great Britain pound, it reversed the rally versus others, like the US dollar and the euro.

The Commonwealth Bank Flash Manufacturing PMI rose to 51.7 in June from 51.0 in May. The Commonwealth Bank Flash Services PMI climbed to 53.3 this month from 51.5 in the previous month. CBA Senior Economist Gareth Aird commented on the positive results:

The economy has been in a soft patch, but there are some green shoots emerging. The combination of monetary policy stimulus, forthcoming tax rebates and strong employment growth has contributed to the sharpest lift in the index since late last year.

AUD/USD traded at 0.6907 as of 11:13 GMT today after opening at 0.6921 and rallying to the session high of 0.6937. GBP/AUD declined from 1.8346 to 1.8309.

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