Australia’s Manufacturing PMI kept declining in January. The index continued the 10-month tendency by dropping down to 40.2 points.
An export decline and a slowdown in the Australian economy resulted in a 6.3 decline in the sub-index of new orders. It is currently equal to 39.1. The export has been declining for the 11th reporting period in a row.
At the same time production expenses stay in the green zone even though there is a minor decline by 2.1% down to 58.5.
Forex.
According to , the Australian Dollar keeps weakening against the US Dollar. The experts report that AUDUSD is forming a big-scale downswing represented by wave А/В of level Daily2.
The closest level of support is 1.0343.. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 1.0577 (as shown below).
