Forex: AUD/USD consolidates at 3-week lows
Forex pairs in this Article »
AUD/USD
FXstreet.com (Córdoba) - The Australian dollar has continued to lose ground versus the greenback during the New York session, sliding to its lowest level in 3 weeks, despite strong Chinese PMI and the rise seen in stocks, with the S&P reaching a 5-year high above 1500.
AUDUSD lost nearly 100 pips throughout the day and hit its lowest since Jan 4 at 1.0449 before bouncing slightly. However, the recovery was capped by the 1.0475 zone, and the pair is currently trading around 1.0455, where it posts a 0.9% loss.
Some analysts suggest that part of the reason for the AUD weakness is the market pricing in a higher chance of a rate cut on Feb 6 after the lower-than-expected CPI released on Tuesday.
AUDUSD lost nearly 100 pips throughout the day and hit its lowest since Jan 4 at 1.0449 before bouncing slightly. However, the recovery was capped by the 1.0475 zone, and the pair is currently trading around 1.0455, where it posts a 0.9% loss.
Some analysts suggest that part of the reason for the AUD weakness is the market pricing in a higher chance of a rate cut on Feb 6 after the lower-than-expected CPI released on Tuesday.
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