AUD/USD DIPS BENEATH 0.6700 ON RISK AVERSION
- AUD/USD falls more than 1.30% in the week on risk-off mood.
- China’s weaker-than-expected growth figures in Q2 and Iron ore prices are a headwind for the Aussie.
- Strong Aussie jobs data could lead to RBA rate hike; US job indicators show weakness.
The Aussie Dollar edged lower during the North American session, extending its losses by more than 0.20% against the US Dollar. The AUD/USD pair is set to finish the week with more than 1.30% losses and trades at 0.6693.
Aussie Dollar affected by Iron ore prices, China’s soft data
In the meantime, commodity prices are affecting antipodeans, including the Kiwi. Iron ore prices are plunging 1.70%, extending their losses for the last two weeks to more than 3.70%.
Aside from this, the Greenback continued to recover after dipping to lows last seen on March 21 around the 103.60 area. The US Dollar Index (DXY) posted gains of 0.11% at the time of writing, up at 104.29 as it tests the crucial 200-day moving average (DMA). A further upside is seen if that level is cleared.
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