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May 12 - 02:55 AM

AUD/USD - Drops To 2-Year Low On Entrenched China Economy Concerns

By Krishna K  —  May 12 - 01:40 AM
  • AUD/USD down 0.75% in Asia as worries about China's slowing economy weigh

  • CNY drops to a 19-month low, dragging risk currencies down with it

  • China's tightening COVID-related lockdowns add to global growth concerns

  • Undermined by fear of big Fed hikes as CPI moderates less than expected

  • Lower metals weighing on AUD; copper falls 1% on demand outlooknL2N2X406Z

  • Support 0.6875-80, 0.6835-40, resistance 0.6940-50, 0.6990-0.7000

  • For more click on FXBUZ


Changes in contribution to inflation: Click here

Source:
Refinitiv IFR Research/Market Commentary

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