USD continues to tick higher in Asia trade – AUD a big loser

The USD is gaining across the majors board. AUD is notably a poor performer, not helped by more subdued official Chinese PMI data today:

China April 2024 Official Manufacturing PMI 50.4 (expected 50.3) Services 51.2 (exp 52.2)

Somewhat offset by better unofficial PMI data:China April Caixin manufacturing PMI 51.4 (expected 51.0)

But the really bad news was very poor retail sales data in Australia:

Australian March 2024 Retail Sales -0.4% m/m (expected +0.2%)

AUD/USD update:

This article was written by Eamonn Sheridan at