AUD/USD continued its fall and hit the round number. It actually dipped below the 70 cent number, but the break is far from being confirmed.
Will it be carried lower by global gloom or can it recover?
This is basically an extension of the fall seen yesterday, that was triggered by the weak Chinese data. The independent Caixin manufacturing PMI for September deteriorated to a new low: 47 points, the lowest since the crisis.
In Australia we didn’t have much to trigger this. Yesterday’s CB Leading Index came out at +0.3% and the next piece of meaningful news comes only next week. Nevertheless, weakness in commodity prices and commodity currencies is affecting the Aussie.
The fall so far only reached 0.6988. A confirmation is still awaited. The next level on the downside is the round 0.69. A lot depends on the global mood.
More: GBP/AUD Worlds Apart
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