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AUD Trading Outlook (01-06-2012)

Australian Dollar (AUD) the AUD/USD managed a small relief rally throughout Europe up off year lows at 0.9770 to 0.9870 into the US session. The lack of follow through and the denial of IMF Spanish help send the AUD/USD back towards 0.9700. The stock market and the EUR/USD is still setting direction but the market will also react to the Asia news today from China with both the public and private manufacturing PMI released.Looking ahead, May Chinese PMI forecast 52.2 vs. 53.3 previously. Also HSBC May Chinese Private PMI previously at 48.7.

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