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Will Aussie Hit Fresh Lows?
The Aussie remains under pressure as the pair cant seem to get a lift off the 8200 level. The recent decline in commodity prices along with the marked slowdown in China has continued to weigh on the pair as investors who only a month ago thought that Australian rates would stay stationary for the foreseeable future now begin to price in the prospect of two possible rate cuts next year. Tonight’s RBA Minuets as well the HSBC PMI data could make or break the Aussie today with the pair possible breaking below the key 8200 support if the news shows that the slowdown in China is becoming worse.
The 8200 level remains the key support for the pair and a key break below opens up a run towards the psychologically important 8000 figure. Only a close above 8400 relives the selling pressure for the pair.