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Aussie weaker against USD

Monday, Jun 27 2016
There were no data releases from the Australia today. Business Review reported that “After a sharp drop, the AUD stabilized late on Friday, though we do not think this can be sustained as current levels look too high for an uncertain world,” ANZ analysts said in a note. “It may outperform against EUR (the euro) and GBP (the British pound), but the USD and the Japanese yen will remain the true safe havens.”
The strong dollar has injected financial volatility into emerging markets — as seen in January and February this year. This could pose a particular threat to China by rekindling worries about capital outflows and currency devaluation. It is also a potential menace to other emerging markets because of their large stocks of dollar-denominated debts.
 
“A continued appreciation of the dollar could be the most serious channel of contagion to global markets,” said Roberto Perli, an economist at Cornerstone Macro. “This is the same mechanism that led to the market selloff in January and February.” The UK’s vote to leave the EU has already significantly damped expectations for monetary tightening by the Federal Reserve.
 
Aussie is currently being traded few points above 0.7350 level. Pair is likely to find support around 0.72 handle and resistance above 0.75 level.
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