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Sale of AUD/USD continues: the pair is testing the level of 0.6750


The Australian dollar is getting cheaper amid a wide rebound in the US dollar, a weakening renminbi and a declining risk appetite. The fact that Chinese iron ore futures are becoming cheaper significantly contributes to the Australian dollar's decline. Selling the AUD/USD pair is gaining momentum after the dollar regained its positions in all directions. The escalation of the trade conflict between the United States and China, combined with the latest events surrounding the Hong Kong protests, has led to risk aversion in all directions, and US stocks in tandem with Treasury yields have changed course. In addition, sentiment around the Australian dollar was undermined by falling iron ore prices in China. Ferrous metal reached new two-month lows of 609.50 yuan ($ 86.31) per tonne amid concerns about weak demand. Recall that iron ore is Australia's main export product. The situation was also aggravated by the devaluation of the yuan in an attempt to counter the influence of new US tariffs, which strengthened the "bearish" sentiment.

Highly profitable currencies will continue to be affected by trends in risky sentiment. In addition, the attention of the head of the Reserve Bank of Australia (RBA) on the short-term trading impulse ahead of data on the US consumer price index and employment in Australia remains in the spotlight.

The material has been provided by InstaForex Company -