The Australian dollar hovered around $0.65 on Friday, showing little reaction to mixed PMI figures.
Aussie dollar remains steady amid mixed PMI data
In November, manufacturing activity in Australia contracted for the 10th consecutive month, though the rate of decline eased to its slowest in six months. Conversely, the services sector entered contraction territory for the first time in ten months. Despite these mixed signals, the Aussie dollar found support from a hawkish stance by the Reserve Bank of Australia.
RBA remains cautious
Minutes from the RBA’s November meeting underscored the central bank's cautious approach to inflation, emphasizing the need for monetary policy to remain restrictive until inflation trends clearly toward its target. The RBA also reiterated that future decisions would be guided by incoming economic data.
