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Aug 20 - 09:55 AM

AUD: Scope For Further Weakness N-Term - Danske

By eFXdata  —  Aug 20 - 08:35 AM

Danske Research discusses AUD outlook and sees a scope for further weakness in the near-term. 

"The weakening risk sentiment and the decline in iron ore prices weighed on the AUD yesterday. Australia's rising Covid-cases and lasting lockdowns are starting to be visible in economic data, as although the July unemployment rate fell to 4.6% (from 4.9%), the decline was driven by a drop in labor force participation rate, and the number of full-time employees actually declined.

"The combination of near-term domestic uncertainty and weakening demand outlook for Australia's key export commodities signals further weakness for the AUD," Danske adds. 

Danske Research/Market Commentary


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