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Jul 23 - 01:55 AM

AUD/USD - Stays Offered As Metals Slide, Iron Ore Hits 3-Mth Low

By Krishna K  —  Jul 22 - 11:40 PM
  • AUD/USD down 0.1% in Asia, fails to recover ground after declining 0.6% Mon

  • Undermined by concerns over China's economy and sliding prices of metals

  • Copper hovers at 3-mth low, Dalian iron ore drops 2.6% to 3-mth low in Asia

  • AUD/JPY selling, weak CNY, China Monday rate cuts weigh on AUD sentiment

  • Focus turns to data and central bank rate expectations

  • U.S. advance Q2 GDP Thu, core PCE price index Fri key for Fed policy

  • Downside likely to be limited as RBA-Fed rate expectations diverge

  • Tuesday range 0.6633-0.6645; support 0.6630, 100-DMA at 0.6608

  • Resistance 0.6660-65, 0.6700-05

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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