AUD/USD Dips to its Lowest in 10 Years - Forex News by Strategia Forex
AUD/USD

AUD/USD Dips to its Lowest in 10 Years

Posted Friday, August 30, 2019 by
Arslan Butt • 1 min read

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.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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