Australian Dollar Rises As Australia’s June PMI Remains Expansionary

The Australian dollar remained positive on Thursday.

The Australian dollar moved higher as Australia’s purchasing managers’ index (PMI) remained expansionary in June.

Investors await the US S&P PMI data to be released on Friday.

The AUD/USD pair rose slightly in early Asian trading on Thursday. The recent Judo Bank PMI report in Australia showed that business activity in the country is still growing, but the growth rate is slowing down from March and April. In addition, the hawkish stance of the Reserve Bank of Australia on Tuesday may support the Australian dollar in the near term.

However, escalating geopolitical tensions in the Middle East after Israeli officials reiterated that the country is ready to launch an all-out war against Hezbollah may boost safe-haven currencies such as the US dollar. On Friday, the latest US preliminary PMI will be in focus. If US business activity improves in June, this may further support the US dollar and be bearish for the currency pair.

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