AUD/USD tumbles to near 0.6600 on multiple headwinds.
China’s poor economic outlook, sliding iron ore prices, and weak Aussie Judo Bank flash PMI have weighed heavily on the Australian Dollar.
The US Dollar will dance to the tunes of the US PCE inflation report for June.
The AUD/USD pair extends its losing spell for the eighth trading session on Wednesday. The Aussie asset remains in the bearish trajectory due to multiple headwinds. China’s weak economic prospects, sliding base metals’ prices, and weak Judo Bank flash PMI have weighed heavily on the Australian Dollar (AUD).
The Australian Dollar has faced an intense sell-off due to China’s poor economic outlook. China’s Q2 Gross Domestic Product (GDP) grew weaker than projected due to vulnerable demand from domestic and in the overseas market. Concerns over GDP growth of world’s second-largest economy remaining sluggish deepened after a surprise rate-cut decision by the People’s Bank of China (PBoC) on Monday and an absence of significant spending measures in the Third Plenum. Being a proxy for China’s economic prospects, the Australian Dollar has been hit in the last few trading sessions.
