The Aussie Dollar found more support from the US-China trade deal yesterday as the US set its official data for the ‘phase one’ deal to be signed with China. The optimism surrounding the deal allowed the AUD to gain as optimism for global trade growth also increased. However, the AUD did not find any support from their own economic data. The December manufacturing data showed that the index had slipped further into contraction which limited the AUD. Added to this, the Chinese manufacturing PMIs also fell which didn’t help the AUD as it is heavily linked through trade with the Chinese economy.
Investors in the GBP will look towards today’s release of November’s consumer credit and mortgage approvals figures. For the AUD, the Australian services PMI is due shortly, of which economists are predicting a deterioration in the indices.


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