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The Australian Industry Group (AiG) released its manufacturing purchasing managers' index (PMI) for Australia on the late Tuesday evening. The index dropped to 51.0 in May from 53.4 in April.
A reading above 50 indicates expansion in the sector, while a reading below 50 indicates contraction in the sector.
A stronger Australian dollar in early 2016 weighed on the activity in the manufacturing sector. The renewed depreciation of the Aussie after the interest rate cut in May could support the manufacturing sector.
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