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Market sentiment is mixed on Monday, but the AUD/USD pair is boosted by the softer US dollar and the RBA’s awaited decision.
US ISM Manufacturing data stays in expansionary territory, though prices and new orders dropped. The AUD/USD pair rises above the 0.7000 figure on a mixed sentiment session, encouraged by reports that US House Speaker Pelosi could visit Taiwan. China has warned that it would hold military exercises in the South China Sea from August 2 to 8, while some Chinese maritime administrations issued warnings prohibiting the entrance to the abovementioned sea.
The AUD/USD is trading at 0.7031 after reaching a daily low above the 50-day EMA at 0.6966, though bids around the low bolstered the Aussie to its daily high at 0.7047.
Australia’s Manufacturing PMI hit 55.7 as estimated, but below June’s 56.2. In the meantime, Australia’s TD-MI Inflation Gauge rose by 1.2%, further reinforcing the need for higher rates.
