Free Trial

AUD/USD was already under pressure on........>

AUSSIE
AUSSIE: AUD/USD was already under pressure on Wednesday, as the rate breached
pivotal support & the psychological $0.7000 level, after a soft Chinese Caixin
manufacturing PMI set the tone for the session. That was before late NY risk-off
flows added further pressure, with AUD's links to the Chinese economy pressuring
the rate as Apple cut its Q1 guidance, with specific reference to China/trade
war matters.
- The FX flash cross saw the rate hit a low of $0.6741, a level not observed
since 2009, before the pair reclaimed $0.6900, last dealing 70 pips or so lower
on the day at $0.6915. Bears will look for consolidation below the 2016 low of
$0.6827, while bulls need to reclaim $0.7000.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.