AUD/USD: Downside risks continue to prevail for the aussie – ING

The aussie remained gently presented ultimate week and this can simply be regarded a signal of resilience of the currency, in the view of economists at ING. Looking ahead, the annoying covid scenario in Australia is set to weigh on the AUD/USD pair.

Hard to see any cloth enchancment in the aussie
“Along with a worsening sentiment in Asia and in China in precise (to which AUD has a excessive beta), Australia is dealing with its worst covid disaster so far, with principal cities having to enter or prolong lockdowns.”

“The reality that solely 16% of the populace in Australia has been wholly vaccinated argues towards a rapid decision to the cutting-edge epidemic crisis.”

“Iron ore fees have persevered to drop and have now reached the $130/MT level, shut to 5-month lows.”

“Along with the RBA minutes on Tuesday, we will see July jobs facts on Thursday. Any signs and symptoms of a much less dovish RBA in the minutes or every other marginal drop in unemployment may additionally supply little assist to AUD as they would both be viewed as old-fashioned thinking about the cloth worsening of the COVID-19 scenario in Australia in August.”

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