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May 17 - 08:55 AM

AUD/USD - China's Yuan Has A Significant Influence

By Christopher Romano  —  May 17 - 07:20 AM
  • AUD/USD fell 0.66705-0.6629 overnight, struck an 11-session low

  • Drop aided by USD/CNH break of 7.00 & making 5- month high of 7.0225 (D3)

  • Yuan weakness extended due to concerns China's recovery is losing steam

  • Downside miss to Australia Q1 wage price index q/q helped weigh on AUD

  • Slightly higher US rates SRAU3, broad US$ bid also weighed on AUD/USD

  • AUD/USD bounced, opened NY near 0.6650; USD/CNH dip near 7.01 aided lift

  • Equity ESv1, iron-ore DCIOc2 gains helped lift AUD/USD into NY's open

  • Monthly inverted hammer, pair below 21- & 55-DMAs give techs a bearish lean

  • U.S. April building permits and housing starts are data risks in NY

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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