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Aussie lower in morning trade

Thursday, Sep 24 2015
Aussie was pushed lower as iron ore demand falls as demand from China wanes. Global analysts are watching the Chinese economic situation closely as Prime Minister Xi and other government officials say that the repositioning of the economy is moving in the right direction. There seems to be no indication of additional stimulus after PMI missed expectations again yesterday. 
 
Another factor pushing the Aussie lower was the rallying greenback as the latter hit a two-week high against the euro as concerns about monetary policy tightening by the US Federal Reserve further swirled through market sentiment. The Australian dollar fell below US70¢ overnight, continuing its run as one of the worst performing currencies as it touched a two-week low in a commodity-currency sell-off on bad Chinese economic data.
 
Aussie is currently being traded around 0.6950 handle. Pair is likely to find support around 0.69 area and resistance above 0.70 level. Later today, in the US session, Durable Goods Orders, Unemployment Claims and New Home Sales figures are scheduled for a release.
More in this category: « ECB's Draghi says too early to decide on further stimulus German Ifo Business Climate rose to 108.5 points »

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