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Australian Dollar falls against USD following China property default

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TL;DR Breakdown

  • The Australian Dollar (AUD) has experienced a decline against the US Dollar (USD) due to concerns about a potential credit squeeze in China’s real estate industry.

Description

The Australian Dollar (AUD) has experienced a decline against the US Dollar (USD) as it weakened during the Asian trading session due to concerns about a potential credit squeeze in China’s real estate industry. These worries were sparked by the default of a private property developer, Country Garden’s debt. Adding to the strain on the … Read more

The Australian Dollar (AUD) has experienced a decline against the US Dollar (USD) as it weakened during the Asian trading session due to concerns about a potential credit squeeze in China’s real estate industry. These worries were sparked by the default of a private property developer, Country Garden’s debt.

Adding to the strain on the Australian Dollar, it faced increased challenges after unveiling US factory gate inflation figures for July, which surpassed expectations. The disclosure of this data, specifically the Producer Price Index (PPI), heightens the likelihood of another interest rate hike by the Federal Reserve (Fed). As a result, the US Dollar is poised to gain strength.

Australian Dollar declines after Thursday’s gain

After experiencing substantial gains on Thursday due to favorable market sentiment and a weakened US Dollar caused by the release of below-anticipated US inflation data in July, the Australian Dollar reverses these gains. The shift to a downward trajectory for the Australian Dollar could partly be attributed to fresh concerns about China’s economy.

During the Asian trading session on Friday, unsettling news emerged regarding the default of debt by Chinese private property developer Country Garden, leading to heightened concerns about a potential collapse in China’s delicate property sector. This development notably impacted the Australian Dollar, considering the nation’s significant reliance on exporting essential resources like Iron Ore for Chinese construction projects.

However, the Australian Dollar found some relief during the same Asian session following statements from Governor Lowe. The market interpreted these comments as being hawkish, thus carrying a positive connotation for the AUD. Lowe emphasized the Reserve Bank of Australia’s (RBA) unwavering commitment to combating inflation and left open the possibility of further interest rate increases.

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