- Chinese economic concerns are weighing heavily on the Australian currency as China remains one of Australia's closest trading partners, and the drop in commodity prices is impacting the AUD.
- The CSI 300 stock index in China dropped dramatically by over 2% overnight, and the absence of specific measures in the recent third plenary session of China's central committee to address the country's structural economic disadvantages further added to these concerns.
- Additionally, the unexpected rate cut by the People's Bank of China (PBoC) earlier this week triggered worries about the health of the Chinese economy.
- However, the hawkish stance of the Reserve Bank of Australia (RBA) could limit the downside for the Aussie.
- The market now predicts around 50% likelihood of the RBA implementing a rate hike either in September or November. Australian Judo PMIs will be closely observed during the Asian trading session
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