Daily digest market movers: Australian Dollar declines due to USD strength, lower commodities weigh... dari hagijeee

27 Aug 2024, 20:04 · Views 157

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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