AUD/USD stays pressured towards 0.6500 as economic woes join fears of China deflation – by anilpanchal7 AUDUSD China Inflation RiskAversion Banks
AUD/USD fades bounce off two-month low after snapping three-day winning streak with a heavy loss the previous day.
Moody’s, Fitch and Italy offer challenges for majors from three sides and weigh on sentiment, as well as Aussie price. AUD/USD justifies its risk barometer status by being depressed at the lowest level in two months, fading corrective bounce off the multi-day bottom towards revisiting 0.6540 during the early Asian session on Wednesday. In doing so, the Aussie pair not only takes clues from the market’s risk-off mood but also focuses on the US data and cautious mood ahead of China’s headline inflation release.
On Tuesday, Australia’s Westpac Consumer Confidence for August slumped to -0.4% versus 2.7% prior. Alternatively, the National Australia Bank's Business Conditions for July edge higher to 10.0 from 9.0 prior and 8.0 market forecasts whereas the NAB Business Confidence came into 2.0% compared to -1.0% market consensus and 0.0% prior.
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