Valeria Bednarik, chief analyst at FXStreet explained that the Aussie was hit hard this Wednesday, falling down to 0.7522 against the greenback on the back of commodities’ sharp decline and the bearish trend has continued in Asia ahead of the fix through the 0.75 handle.
Key Quotes:
“Precious metals plummeted, with spot gold reaching a daily low of $1,215 a troy ounce and silver closing the day near its daily lows. Additionally, and as more US policy makers have heightened the possibility of a rate hike as soon as next April, the dollar was broadly higher on improved market’s sentiment.”
“Except for the New Zealand trade balance, the macroeconomic calendar will remain empty during the upcoming Asian session, which means that currencies will likely continue trading on sentient. This latest slide in the AUD/USD has harmed partially the dominant bullish trend, with further declines below 0.7500 opening doors for a steeper decline.”
(Market News Provided by FXstreet)