The Australian Dollar was already falling on Monday and news that China’s private manufacturing sector output contracted last month only added to it.
June’s Purchasing Managers Index from Chinese media company Caixin came in at 49.4. That was below both the 50.1 expected and the 50.2 seen in May. Worse, it was also under the key 50 level which separates expansion form contraction. June thus provides first sub-50 print since January.