Australian PMI data this morning showed a minor slowdown in the pace of contraction, while the services and composite PMI reports were revised slightly higher. The Hong Kong manufacturing PMI surprised to the upside, while Chinese PMI data came in slightly below expectations. The AUDUSD stabilized at a minor horizontal support area, how will US data impact this currency pair? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade.

Final services and composite PMI data out of the US marks the sole economic report released during the trading session. The attention is on escalating tensions between the US and Iran. A broad range of Asian and European PMI reports came in better than expected today, will the US data follow the same pattern? What does this mean for the AUDUSD? Today’s fundamental analysis will take a look at the upside potential as well as the downside risk in this currency pair.