AUD/USD Rate Clings to Bullish Series Ahead of G20 Summit

Australian Dollar Talking Points

AUD/USD carves a series of higher highs lows ahead of the Group of 20 (G20) Summit as Fed Chairman Jerome Powell adopts a less-hawkish tone, but key developments coming out of the global economy may rattle the recent advance in the exchange rate as the U.S. and China, Australia’s largest trading partner, struggle to reach an agreement.

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AUD/USD Rate Clings to Bullish Series Ahead of G20 Summit

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Attention turns to the G20 Summit as White House economic advisor Larry Kudlow indicates that the Trump administration sees a ‘good possibility that a deal can be made,’ but failure to de-escalate the threat of a trade war may sap the appeal of the Australian dollar as it dampens the growth outlook for the Asia/Pacific region.

Even though China’s Purchasing Managers Index (PMI) for manufacturing is anticipated to hold steady at 50.2 in November, the gauge for service-based activity is expected to downtick to 53.8 from 53.9 the month prior, which would mark the lowest reading since September 2016. Signs of slower

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