The Australian dollar fell against most major currencies during trading on Tuesday after the release of weak economic data.
Government data showed Australia’s current account posted a deficit of $10.7 billion in June, while analysts had forecast a deficit of A$4.5 billion.
On the trading front, the Australian dollar fell against its US counterpart by 21:41 GMT by 1.2% to 0.6710.
Canadian Dollar
By 21:41 GMT, the Canadian dollar fell 0.4% to 0.738.
US Dollar
By 20:22 GMT, the dollar index rose 0.1% to 101.7 points, hitting a high of 101.9 points and a low of 101.5 points.
According to data from the Institute for Supply Management, U.S. manufacturing activity contracted for a fifth straight month in August, with the ISM Manufacturing PMI coming in at 47.2 points, up 0.4 points month-on-month.
The final reading in a S&P Global survey also showed that the manufacturing PMI fell in August to 47.9 from 49.6 in July.
Later this week, ADP data for U.S. private sector payrolls will be released, a day before the monthly nonfarm payrolls report and the August unemployment reading are due to be released.
Most likely, that data may determine whether the Fed will cut rates by 25 basis points or 50 basis points at this month’s MPC meeting.
Read also :There is no way for the US dollar to rise. UBS lowers targets
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