SYDNEY - The Australian dollar led risk assets lower in Asia on Tuesday after a survey on Chinese manufacturing missed forecasts in a blow to hopes for a rebound in global growth.
The Aussie is often used as a liquid proxy for China plays given Australia is a major exporter of resources to the Asian giant. The currency quickly eased to $0.7040 after the PMI release, from $0.7064. The euro was little moved at $0.1180 as investors await figures for economic growth in the common currency bloc due later in the session.
A major hurdle for the dollar remains the Federal Reserve’s two-day policy meeting which ends on Wednesday with a statement and a news conference by Chairman Jerome Powell.
Oi, Bugger! 🇦🇺
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