Daily digest market movers: Australian Dollar declines due to USD strength, lower commodities weigh
- AUD/USD multi-day rally faces resistance around 0.6760 due to weak copper prices, despite a recovery in iron ore prices.
- AUD's recent strength was driven by a weaker US Dollar and improved risk appetite.
- In addition, monetary policy divergence between the RBA and the Federal Reserve (Fed) catalyzed the pair.
- On the Chinese front, China's PBOC kept its 1-year MLF rate unchanged at 2.30%, but further stimulus is anticipated as the economy struggles.
- July industrial profits in China may provide insights into the persisting weaknesses in the mainland economy.
- Any signs of weakness in the Chinese economy might weigh on the Aussie
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