Ella 
AUD/USD rose for a second day in a row and climbed 0.59% after the US April S&P Purchasing Managers’ Index (PMI) was released on Tuesday that was weaker than expected. This has fueled speculation that the Fed may put interest rate cuts back on the agenda following last week’s hawkish speech. AUD/USD was trading at 0.6488, up 0.01%, after Asia opened on Wednesday.
The Australian dollar benefited from weaker U.S. purchasing managers’ indexes as expectations for a rate cut from the Federal Reserve increased.
S&P Global showed a slight decline in the U.S. manufacturing purchasing managers’ index, falling to 49.9 from 51.9 in March. The Services PMI and Composite PMI continued to expand, but both fell to 50.9 from 51.7 and to 50.9 from 52.1.
After the above data was released, U.S. stocks rose, U.S. Treasury yields fell, and the dollar fell. The U.S. Dollar Index (DXY), which tracks the dollar’s performance against six other currencies, fell 0.44% to remain at 105.68.
