The Aussie dollar reached a high of 0.6457 during the U.S. session but was unable to keep that momentum going, closing at a level of 0.6422. The AUDUSD was able to hold on to its gains and even tread a bit higher after manufacturing and services data out of Australia came in softer than expected. The report came in at 49.4 from a 49.6 forecast and the services sector dropped to 46.7 from an expected 47.9. This weakens the Global Composite PMI to 47.1 from a 48.2 in July. Positive market news for the Aussie dollar came out of China, with the benchmark rate for mortgage loans staying unchanged, despite the People’s Bank of China move to drop the 1-yr prime loan rate. This, along with expectations that the Fed’s annual Jackson Hole Symposium will be somewhat soft as far as comments on further hikes in interest rates. The market will also be paying close attention to the plethora of Federal Reserve Officials comments this week to get a clearer idea of what they can possibly expect at Jackson Hole.
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