Australian dollar confined to nine month low amid sustained selling

Published on Aug 17, 2023 14:56

The Australian Dollar slipped today as markets eyed a firm undertone in the US dollar and worries over Chinese economy also kept a lid on the sentiments. The AUDUSD pair is currently trading down 0.43% at 0.6396- testing its lowest level in last nine months. Meanwhile, the Australian Bureau of Statistics (ABS) showed today that the Unemployment Rate in Australia increased slightly to 3.7% in July, up from the previous rate of 3.5%. Australia stock market extended losses and fell to a five week low today. The Australian dollar has been on a downswing and fell more than 1% last week. The US dollar index is holding around 103.40, its highest mark in two months after yhe July 25-26 FOMC meeting minutes sounded hawkish for Fed policy with most participants continuing to see significant upside risks to inflation.