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Investors eyeing developments in China

Tuesday, Feb 23 2016
Though, there were no data releases from Australia on Tuesday, investors are monitoring developments in China. Despite recent stability in Chinese renminbi, concerns over the outlook for the currency persist across financial markets. The sudden devaluation of the currency in August last year, something many speculate was due to a sharp deceleration in economic growth, rattled financial markets at the time, causing widespread declines in risk assets across the globe.
It was even enough to see the US Federal Reserve hold off lifting interest rates for the first time since June 2006. After the admission of the currency into the IMF’s special drawing rights (SDR) basket in late November, market concerns – already elevated – went up a notch. For weeks the renminbi weakened against the US dollar, leading to renewed market ructions at the start of 2016. Tepid economic data, constant intervention from the China’s central bank along with signs of increased capital flight from the country only acted to fan investor concerns.
 
Aussie is currently being traded around 0.7230 area. Pair is likely to find support around 0.7180 handle and resistance above 0.7280 level. Later today, in the US session, Consumer Confidence and Existing Home Sales figures are scheduled for a release.
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