As Sterling approaches the 1.70 mark yet again during this afternoon’s trading our heads turn towards key Chinese manufacturing data which is due out a little later on tonight.
With China being a major importer of Australian materials any boost to Chinese economic data can lead to the Australian Dollar gaining significant strength as it implies that Australian data may follow suit further down the line.
We had fairly positive data from China last week and expectations are for the figures this evening to also be fairly solid.
You never actually know just what will come out in this current climate but it would not surprise me to see the Australian Dollar just fall shy once again of going above and beyond the 1.70 mark after coming down from that level a few weeks back.
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