AUD/USD Weekly Forecast: Resilient Aussie Buoyed by Commodities Despite PMI Miss, Fed in Focus

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The Australian dollar ended the week on a relatively positive note considering the fact that Australian manufacturing and services PMI’s for July declined. Both prints remained above the midpoint 50 level (expansionary territory) but the deterioration highlights the impact of inflation and recession fears on Australian economic data. What boosted the Aussie to monthly highs was the PMI miss in the U.S. which pushed the composite and services readings into the contractionary zone. This being said, the Australian dollar being a proxy for risk in the currency space, could turn lower in the coming months should this … (full story)