AUD/USD Dips to its Lowest in 10 Years

The Australian dollar has fallen to trade at 10-year lows against the USD even as US and China confirm their interest in holding in-person..

AUD/USD

The Australian dollar has fallen to trade at 10-year lows against the USD even as US and China confirm their interest in holding in-person meetings during September in a bid to resolve their trade dispute. At the time of writing, AUD/USD is trading at around 0.671

Australia’s building approvals declined by 3.8% to a six-year low, signaling a weakening in the long-term outlook of its economy. Further bearishness in AUD/USD was driven by a strengthening in the US dollar as a result of investors’ rebalancing needs.

Global trade tensions continue to dominate the market sentiment, despite the temporary respite offered by the latest developments. So far, the US does not appear to be backing down from its latest tariff threat, due to come into effect starting September 1. Amid rising trade tensions and other geopolitical tensions from around the world, there is a high level of uncertainty in global financial markets.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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