Aussie Dollar under pressure after PBOC move

  • China’s central bank devalued the Chinese Yuan by almost 2 %, following poor economic data
  • The PBOC wants the exchange rate to “better reflect market forces”
  • USD/CNY rose from 6.1162 to 6.2298
  • This led to broad USD demand in the Asian session, putting the Aussie Dollar under pressure
  • AUD/USD fell from 0.7430 to a low of 0.7305
  • Demand emerged ahead of the 0.73 level, but AUD/USD is looking fragile after reversing almost all of the recent days gains
  • Break sub-0.73 would pave the way for another test of 0.7230 and below there, there is no significant support until 0.71 and then 0.70

The post Aussie Dollar under pressure after PBOC move appeared first on

Leave a Reply

Your email address will not be published. Required fields are marked *