Australia’s dollar advanced from a three-week low. This was influenced by the data revealing the unexpected improvement in the Chinese manufacturing this year. China is the biggest trading partner of Australia.
In a preliminary reading by HSBC Holdings Plc and Markit Economics on the Chinese manufacturing purchasing managers’ index, the gauge reading came at 49.7 in May 2014, which was the strongest since December 2013. While the median estimate of economists polled by Bloomberg News predicted a level of 48.3.
The Aussie moved up by 0.2 % to 92.66 U.S. cents while earlier it weakened as much as 0.3 %. The Australian dollar hit the level of 92.09 U.S. cents on May 21,2014, the lowest since May 2,2014.
The MSCI Asia Pacific Index of stocks advanced by 1.1 %, driven by a 0.8 % rally in the Standard & Poor’s 500 Index. (SPX) U.S. Treasury 10-year note yields gained by 0.02 percentage points to climb up to 2.55 %.
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