Australian Dollar weakens to below 0.6500 amid escalating US-China trade war tensions and USD strength
AUD/USD declined by 0.93% to 0.6453 on Monday.
The Aussie remains pressured by US-China trade war concerns and USD strength.
Strong US data has also helped the USD over the session.
The AUD/USD pair opened the week on a negative note, declining by 0.93% to 0.6455 in Monday's session, snapping a three-day winning streak. This shift in sentiment can be attributed to the fundamental outlook deteriorating in the market due to geopolitical tension and economic uncertainties weighing on investor confidence.
US President-elect Donald Trump’s threats against countries interested in using the BRICS currency by imposing tariffs has raised fears of a trade war between the US and China and turned the market mood sour. On the data front, US ISM PMI data has also fueled the USD’s rise.
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