AUD/USD is trading steadily around 0.7185 during the early hours of the Asian session on Monday. Iranian officials stated that no nuclear commitments were established as discussions with the US progress. China’s RatingDog Manufacturing PMI report is scheduled for release later on Monday. The AUD/USD pair remains stable at approximately 0.7185 in the early hours of trading in Asia on Monday. Market participants are closely evaluating the ongoing developments related to the US-Iran peace negotiations. Additionally, the report for China’s RatingDog Manufacturing Purchasing Managers Index for May is set to be released later on Monday.
Iranian Foreign Minister Abbas Araghchi stated on Sunday that discussions and communications with the US are continuing, but emphasised that no evaluation of the negotiations can be made until a definitive result is achieved. “Talks and message exchanges are ongoing, and until a definite result is reached, it is not possible to judge,” stated Araghchi. “Everything being said now is speculation and should not be given importance,” he added. Meanwhile, Iran’s parliament speaker and chief negotiator, Mohammad Bagher Ghalibaf, emphasised that Tehran will not agree to any arrangement with Washington unless it guarantees “the rights of the Iranian people are secured.” Any signs of rising tensions in the Middle East could enhance the appeal of a safe-haven currency like the US Dollar and pose challenges for the pair in the short term.
Data released by China’s National Bureau of Statistics on Sunday indicated that the official Manufacturing PMI decreased to 50.0 in May, down from 50.3 in April. The reading aligned with market expectations of 50.0. Additionally, the NBS Non-Manufacturing PMI increased to 50.1 in May, up from 49.4 in April. The market forecast indicated a print of 49.5. Traders prepare for the upcoming release of China’s RatingDog Manufacturing PMI report for May, scheduled for Monday. If the report indicates a stronger-than-anticipated result, this may bolster the Australian dollar against the US dollar.