USD Trading Outlook (02-05-2014)

The Australian Dollar (AUD): AUD/USD was posting a loss directly on the release of the Chinese data that came in the form of the Manufacturing PMI for the month of April came at 50.4 vs 50.5 expected, however returned back within a blink of an eye and is overall unchanged at 0.9285. The currency rose as high as US93.04¢ in late morning trade on Thursday after China’s official purchasing managers’ index inched higher to 50.4 in April. It was fetching US92.93¢ in afternoon trade. Expectations had been that the measure of manufacturing activity would rise to 50.5, but the slightly lower than expected outcome also didn’t point to a deepening slowdown.