Back
23 May 2013
AUD/USD correlated to poor Chinese performance
FXstreet.com (London) - Chinese flash manufacturing PMI came in below 50 at 49.6 vs. 50.5 expected.
With AUD/USD values effected by the slower performance of the Chinese economy, and with the USD outperforming yet again on risk aversion play, a dovish RBA is allowing the pair to plummet to record new lows this year to 0.9592 within a support band of 0.9640 and 0.9580 (2012 low)
Commerzbank said, ‘The 2012 low will act as the break down point to 0.9404/0.9388, the inter-year pivot and our medium term downside target.’ There has been a slight recovery in the European session to where it now trades at the time of writing at 0.9665 bid.
With AUD/USD values effected by the slower performance of the Chinese economy, and with the USD outperforming yet again on risk aversion play, a dovish RBA is allowing the pair to plummet to record new lows this year to 0.9592 within a support band of 0.9640 and 0.9580 (2012 low)
Commerzbank said, ‘The 2012 low will act as the break down point to 0.9404/0.9388, the inter-year pivot and our medium term downside target.’ There has been a slight recovery in the European session to where it now trades at the time of writing at 0.9665 bid.