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AUD/USD Drops to Below 0.73 after China Manufacturing Data

A key gauge of Chinese manufacturing activity tumbled to a 15-month low in July, an independent survey showed, throwing a pall over growth in the world’s second-largest economy.  The preliminary reading of Caixin’s Purchasing Manager’s Index (PMI) came in at 48.2 this month, the Chinese media group said in a joint statement with Markit, a …

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RBA Might Be Finally Leaving the Australian Dollar Alone

The Reserve Bank of Australia finally appears happy with the level of the Australian dollar, as governor Glenn Stevens’s main concern has now switched to long-term growth trends and the need for fiscal reform.  Australia’s secular slowdown, and the reasons for it, took centre stage at the governor’s annual address to the Anika foundation in …

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