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Aussie rebounding after sharp decline

Tuesday, Aug 25 2015
It was quite volatile session for Aussie on Monday, though there were no major data releases. The Australian dollar slumped as much as 3.6 percent, the most in five years, and traded at its lowest since 2009. Haven currencies surged on concern China’s slowing economy will damp global growth, with the yen climbing the most since 2010. The U.S. dollar fell as traders pushed out expectations for higher interest rates from the Federal Reserve.
 
However, this morning, Aussie rebounded slightly and is currently being traded at 0.72 handle. Bargain hunters helped Asian stocks off three-year lows hit on fears that China's economy was risking a hard landing, with Chinese shares losing another 5 percent. Underlining concerns about China, Japanese Finance Minister Taro Aso said on Tuesday he hoped China would take action to stabilize its economy and that Tokyo had no plan for now to unveil its own new economic stimulus package.
 
Pair is likely to find support around 0.7150 area and resistamce above 0.7270 level. Later today, in the US session, Consumer Confidence and New Home Sales figures are scheduled for a release.
More in this category: « Dollar lower against major rivals German Business Confidence rose to 108.3 »

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