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Oct 11 - 05:55 PM

AUD/USD - Down Early As PBOC Acts To Slow Yuan Gains

By Krishna K  —  Oct 11 - 04:30 PM
  • AUD/USD down 0.4% in Asia as PBOC FX tweak triggers broad USD strength

  • Trades down to 0.7206 from 0.7243 NYK close as CNH weakens 0.7%

  • PBOC measure likely to slow but not reverse yuan gains nL4N2H1080

  • Prospect of limited U.S. relief bill also boosts USD nL1N2H206L

  • Early USD reaction to PBOC move likely overdone, may retrace later

  • AUD/USD downside limited, support 0.7180-85, 0.7150-55

  • Resistance 0.7240-45, 0.7255-60; buy dips

  • For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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