# AUD marks new low after another Chinese data miss - OFX

> The Australian dollar fell below US$0.65 on May 31, 2023, after weak Chinese PMI data showed manufacturing contracting further. Copper and Brent crude also dropped sharply during the month. The move was tied to renewed doubts about China's post-COVID recovery.

- Date: 2023-05-31 · published 2023-05-31T12:00:00.000Z
- Category: market · region China · magnitude low
- Page: https://feedsoft.ai/events/36205-aud-marks-new-low-after-another-chinese-data-miss-ofx
- Commodities: [Australian Dollar (USD per AUD)](https://feedsoft.ai/c/AUDUSD.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Weak Chinese demand signals lower import needs for soybeans, meal and other feed ingredients, which pressures prices. A softer AUD reflects the same commodity-demand concern.

## Read by commodity

- SOY: bearish ▼
- BRENT: bearish ▼
- AUDUSD: bearish ▼

## Sources

- ofx.com: https://www.ofx.com/en-au/forex-news/daily-and-weekly-market-news/2023/06/01/aud-marks-new-low-after-another-chinese-data-miss/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.