Ahead of Monday’s European session, the pair recovers from an intraday low to 0.6820, trimming the day’s loss amid a slow start to the week. Nonetheless, due to economic concerns as well as fears upon China has sent the Aussie pair down for the second day. Also, the market’s consolidation of U.S. dollar losses ahead …
Ahead of Monday’s European session, the pair recovers from an intraday low to 0.6820, trimming the day’s loss amid a slow start to the week. Nonetheless, due to economic concerns as well as fears upon China has sent the Aussie pair down for the second day. Also, the market’s consolidation of U.S. dollar losses ahead of the late July Fed meeting could further weigh on the Aussie pair.
The U.S. dollar index (DXY) has fallen from its intraday high. As a result, the greenback’s index versus the six major currencies faded Friday’s corrective rally from the lowest levels since April 2022, which was initially sparked by positive U.S. sentiment data and inflation expectations numbers.
Elsewhere, despite the recent stability in the pair’s corrective rally, downbeat data from China continued to weigh on the AUD/USD pair. With that being said, China’s second quarter GDP for this year came in at 0.8% QoQ, versus 0.5% market projections and 2.2% previously. GDP YoY numbers increased to 6.3% from 4.5%, whilst analysts expected of 7.3%. Industrial Production increased by 4.4% YoY in June, compared to 3.5% prior.
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