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Disappointing China Manufacturing PMI pushed AUD lower - UOB Group

FXStreet (Łódź) - The Market Strategy Team at UOB Group note that the unexpected drop in China's October PMI numbers released over the weekend exerted pressure on the AUD.

Key Quotes


"The down-move is gathering momentum rapidly and further weakness towards 0.8720 is expected."

"Strong resistance is at 0.8800."

LME Inventory update

The daily inventory data released by the London Metal Exchange (LME) today showed a decline in the inventory levels of Aluminium, Lead and Zinc. Meanwhile, the data showed a rise in the inventory levels of Nickel and copper.
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EUR/GBP testing 0.7800

EUR/GBP is now coming under renewed selling pressure following the release of the manufacturing PMI in the UK economy...
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