Risk Aversion Due to Weaker Chinese PMI Drives Aussie Lower and Lifts Yen

"Risk Aversion Due to Weaker Chinese PMI Drives Aussie Lower and Lifts Yen"Risk sentiment worsened early on Asian Tuesday session as Chinese HSBC Manufacturing PMI reported at 50.5 for April down compared to 51.6 the previous month and missed estimates of 51.4, adding to previous week concerns generated by lower GDP growth than expected for China.

The Australian dollar against the US dollar continued to lower ground decreasing from resistance at 1.0275 towards lower barrier at 1.0220.

The Japanese Yen also recovered some of the yesterday’s lost territory due to major resistance as well as amid risk-off. The Euro also slipped against the Yen falling from handle at 129.80 to downside hurdle at 128.53.

US Earnings on Monday were mixed with Caterpillar missing expectations and reporting EPS of $1.31 versus forecast of $1.40, downward revising also its 2013 sales.

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