The Australian dollar against the US dollar is smoothly declining. The current quote is 0.6634. The downtrend has formed a week ago and remains in force.
The November PMI in services in Australia turned out at 47.2 points against the expected 49.1 points. The same indicator in the processing industry dropped to 51.5 points against the forecast 52.4.
The overall PMI, in its turn, dropped to 47.7 points from 49.8 points.
So, the picture in business looks rather depressive, especially knowing that summer is coming to Australia, and the consumers should be more active. Companies and business people cannot plan in advance due to high outer inflation, troubles in China, and supply issues.
These are problems for the economy – and for the AUD.