Daily digest market movers: Aussie sees marginal recovery amidst continuing economic stress in China and Australia
- AUD/USD has remained firmly rooted in the 'risk-off' sentiment, dominated by concerns over the Chinese economy and the AUD's 'high risk' G10 status.
- At the start of this week, the People’s Bank of China (PBoC) decided to cut rates, sparking fears about the health of the second-largest economy in the world, Australia’s primary trading partner.
- Additionally, Industrial metals prices remained under pressure due to lingering fears of weak Chinese demand.
- The Reserve Bank of Australia (RBA) remains hawkish, and markets bet on a potential rate hike in Q4, which mirrors the nearly 50% odds on either a September or November rate hike
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