US growth pace slows
The Aussie held steady at two-week lows overnight as the key global purchasing manager indexes showed most economies slowed their recent rate of recovery.
A mid-year rebound in global economic growth looks to have slowed in September with the UK, Italy and France leading the losses.
Australian and US growth also moderated but remains positive over the last three months.
China and Germany led gains.
Overnight, the AUD/USD was steady while NZD/USD fell 0.2%.
In Asia, the USD/CNH was flat while USD/SGD gained 0.1%.
Fed Miran signals faster rate reset
Fed Governor Miran expects economic growth to pick up in the second half of the year. He supports a series of half-point rate cuts to quickly reset policy, with deeper cuts likely by year-end.
Smaller reductions could follow in 2026 and 2027.
Miran emphasized the need to reach a neutral stance sooner rather than later.
From a technical lens, USD/SGD has climbed 1% off its recent July low of 1.2698, snapping back from oversold territory.
Next key levels to watch are at 50-day EMA of 1.2844 and 100-day EMA of 1.2906.
Aussie slips as business mood sours
Australia’s September flash PMI dropped to a three-month low of 52.1, down from 55.5 in August, as export orders fell again.
Growth in activity slowed but stayed above the 50 line, marking a full year of expansion. Services cooled to 52, while manufacturing edged down to 51.6, with new orders falling at the fastest pace in eight months, weighed down by US tariffs.
Business confidence hit a one-year low, but hiring stayed strong as firms worked through backlogs.
AUD/USD softened after touching the top of its 60-day range.
Support levels to watch at 50-day EMA of 0.6550 and 100-day EMA of 0.65010.
Some AUD buyers may view this pullback as an opportunity to take advantage.
Kiwi hits lows versus Aussie
Table: seven-day rolling currency trends and trading ranges
Key global risk events
Calendar: 22 – 27 September
All times AEST
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*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.
