The Australian dollar fell heavily to start the 2017 trading year, dropping by around 0.5% against the US dollar.
However, as the scoreboard shows below, the losses were largely against the greenback, demonstrating that the move was largely due to broad based US dollar strength rather than Australian dollar weakness.
- AUD/USD 0.7183 , -0.0032 , -0.44%
- AUD/JPY 84.46 , 0.35 , 0.42%
- AUD/CNH 5.0094 , -0.0088 , -0.18%
- AUD/EUR 0.6864 , 0.0022 , 0.32%
- AUD/GBP 0.5847 , 0.0015 , 0.26%
- AUD/NZD 1.0352 , 0.0001 , 0.01%
Though questionable as to just how much impact it had on the Aussie, the decline followed a slightly weaker Chinese manufacturing PMI figure for December which fell to 51.4 from 51.7 in November.
At .7183, the AUD/USD currently sits near the lowest level seen since June, having lost more than 7.5% since the US election on November 8.
In 2016, the AUD/USD lost 0.82%, having been up more than 7.7% earlier in the year. It has now fallen ever year since 2012.
With markets slowly coming back to life after the Christmas/ New Year break, the economic data calendar also starts to stir on Tuesday with data scheduled domestically, regionally and abroad.
In Australia, the latest manufacturing PMI report for December will be released by the Ai Group at 9.30am AEDT. That will be followed half an hour later by CoreLogic’s capital city home value index for December.
Regionally, most attention will be on the released of the Caixin-Markit Chinese manufacturing PMI report for December that will be released at 12.45pm AEDT.
This survey measures activity levels across smaller Chinese manufacturing firms from one month to the next, differentiating it from the official PMI survey from the government which captures activity levels for firms of all sizes.
Later in the session, manufacturing PMI and construction spending figures will be released in the US from 1.45am AEDT.
German unemployment figures, along with manufacturing PMI figures from the UK, are also scheduled for release.