A$ Recovering From Post China PMI Dip

Aussie has been range trading but took a step down against the greenback following disappointing China PMI data. AUDUSD is down 0.2% to 0.6364, after an intraday low of 0.6359. The pair remains in a downtrend and recent gains are seen as corrective. Initial support is at 0.6272. The USD index is about 0.1% higher.

• AUDJPY is up 0.1% to 95.12 ahead of the BoJ announcement. AUDNZD is 0.1% lower at 1.0901 but has been moving in a narrow range during the session. AUDEUR is down slightly to 0.6003 but fell to a low of 0.5997 and AUDGBP is flat around 0.5238.
• Equities are mixed across the region with the ASX up 0.2% but the Nikkei down 0.2% and the Hang Seng -0.8%. Also, the S&P e-mini is 0.2% lower. Oil prices are moderately higher following Monday’s sharp drop with Brent around $86.75/bbl. Copper is down 0.3% and iron ore is $120-121/t.
• Later the US Q3 employment cost index, August house prices, October MNI Chicago PMI and conference board survey are released. There is also euro area Q3 GDP and preliminary October CPI and ECB’s de Guindos speaks. Tomorrow in Australia October CoreLogic house prices and September building approvals print.