AUD/USD Moves Lower

AUD/USD has extended Monday's move lower and is trading at 0.7755. Trading has been choppy and was weak overnight in Asia. China's PMI data for February is due to be released Tuesday night. Estimates are for a reading of 49.5 for February Chinese PMI, slightly weaker than 49.7 seen during January. Market talk about today's testimony by Fed Chair Janet Yellen is now in a wait-and-see mode.