The Australian dollar held early gains Monday despite China's January manufacturing surveys showing contraction.
AUD/USD traded at 0.7782, up 0.21%, while USD/JPY changed hands at 117.54, up 0.03%, reversing the earlier course. EUR/USD traded at 1.1322, up 0.31%.
The Australia AI Group manufacturing PMI fr January rose 2.1 points to 49, still in contraction, but a tick up amid expectations that the central bank may mull a rate cut from the currenc record low 2.5%.
In China, the HSBC January manufacturing PMI us came in at 49.7, lower than the flash estimate of 49.8.
"Both new orders and new-export orders saw downward revisions but still signaled marginal expansion," said Hongbin Qu, chief economist, China and joint head of Asian economic research at HSBC. "We think demand in the manufacturing sector remains weak and more aggressive monetary and fiscal easing measures will be needed to prevent another sharp slowdown in growth."
At the weekend, China said January CFLP manufacturing PMI fell to 49.8 from 50.1 in December, placing it in contraction even as the timing of the Chinese
New Year holiday this year relative to last should have boosted the January reading.
Last week, the U.S. dollar was mostly lower against its major counterparts on Friday, as investors reacted to data showing the U.S. economy grew less than expected in the fourth quarter.
The Australia AI Group manufacturing PMI fr January rose 2.1 points to 49, still in contraction, but a tick up amid expectations that the central bank may mull a rate cut from the currenc record low 2.5%.
In China, the HSBC January manufacturing PMI us came in at 49.7, lower than the flash estimate of 49.8.
"Both new orders and new-export orders saw downward revisions but still signaled marginal expansion," said Hongbin Qu, chief economist, China and joint head of Asian economic research at HSBC. "We think demand in the manufacturing sector remains weak and more aggressive monetary and fiscal easing measures will be needed to prevent another sharp slowdown in growth."
At the weekend, China said January CFLP manufacturing PMI fell to 49.8 from 50.1 in December, placing it in contraction even as the timing of the Chinese
New Year holiday this year relative to last should have boosted the January reading.
Last week, the U.S. dollar was mostly lower against its major counterparts on Friday, as investors reacted to data showing the U.S. economy grew less than expected in the fourth quarter.
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