Australia's PMI worse than expected
The movement of Australia's Purchasing Managers' Index shows that the economy has contracted even more in Q4 due to a drop in demand. Composite PMI dropped to 47.7 from the 49.8 seen at the beginning of the month. Despite the fact that manufacturing PMI reflects positive expectations (51.5), pessimism reigns in the services sector due to high interest rates. The AUD/USD pair could begin to decline again.
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