Aussie jumps 1% to break through 0.68

Daily Currency Update

AUD - Australian DollarThe Aussie kickstarted the first week of December with a rise of almost 1% to open this morning at 0.6823. After a lacklustre last week of November, the Aussie finally received some much-needed positivity by initially finding some support from Australia’s largest trading partner China. China’s Manufacturing PMI was released over the weekend and reported a better than expected result. Following the result, China also released the Caixin PMI which also came in above expectations. Overall, the Chinese manufacturing sector grew at its fastest pace since December 2016, which in turn, sent the Aussie upwards. Pushing the Aussie into overdrive however was a significant fall in the value of the Greenback. The United States dollar fell across the board after the US ISM manufacturing survey came in weaker than expected. With support from China and a fall in the USD, the Aussie had one of its best days over the last few weeks.Moving into Tuesday, the Aussie now turns to the RBA for direction with the release of their cash rate decision and accompanying rate statement set for release at 2:30PM AEDT today. While the decision is widely expected to be a hold for December, the market will take keen interest in the rate statement for any insights into the RBA’s rate guidance.