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Sep 05 - 07:55 PM

AUD/USD - Collapses Under Weight Of China Worries And Soaring US Yields

By John Noonan  —  Sep 05 - 06:20 PM
  • AUD/USD opens -1.35% after making a fresh 2023 low at 0.6358

  • Renewed China fears and soaring US yields behind the heavy AUD/USD selling nZRN0078TL

  • US yields surging on heavy corporate issuance pipeline & subsequent hedging

  • AUD by far the worst performing major currency due to role as China proxy

  • There isn't any technical support of note until Oct 2022 trend low at 0.6170

  • Resistance is at the 10-day MA at 0.6435 and 21-day MA at 0.6447

  • Aus Q2 GDP out today with market expecting +1.8% Y/Y

  • Market focus will likely be on China developments rather than Aus data

  • USD/CNH moves key for AUD/USD direction after USD/CNH rose 0.5% Tueday

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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