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May 12 - 07:55 AM

AUD/USD - Plumbs One-Week Low As Yuan Wilts

By Rob Howard  —  May 12 - 05:35 AM
  • AUD/USD eased to 0.6684 at 0816 GMT, fractionally fresh one-week low

  • 0.6686 was Asian session base. 0.6689 was Thursday's low (after 1%+ fall)

  • Yuan weakness is weighing on the AUD (often used as liquid proxy for CNY)

  • Dalian iron ore price drop to one-week low is another AUD-negative

  • Iron ore is Australia's biggest export earner. China stocks down again

  • Biden/McCarthy debt ceiling meeting postponed to next week nL1N3783AM

Source:
Refinitiv IFR Research/Market Commentary

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