AUD/USD sees little action after mixed batch of China PMIs

• China January manufacturing PMI bettered estimates  but remained below 50.00  
• So far, the AUD/USD pair has remained resilient to dismal China manufacturing PMI number, possibly due to dovish Fed.  

The AUD/USD pair has barely moved following the release of the mixed batch of China  purchasing managers’ indices.  

The official manufacturing PMI for January printed at 49.5, beating the estimate 49.3 and up from the previous month’s print of 49.4. A reading below 50.00, however, indicates that the manufacturing sector contracted in the first month of 2019.  

Meanwhile, the official non-manufacturing PMI rose to 54.7 in January, also beating the estimate of 53.9.  

A contraction in China’s manufacturing activity is indeed AUD-bearish news. The Australian currency, however, is showing resilience, largely due to Fed’s outright dovish stance.  

As of writing, AUD/USD is trading at 0.7256, having clocked a high of 0.7273 earlier today.  

An above-forecast Aussie export price index released earlier today also did little to move the Aussie pairs. On similar lines, a weaker-than-expected private sector credit growth received little attention from investors.  

AUD/USD Technical Levels