AUD & FX Commentary: August 19

AUD & FX Commentary: August 19|Australian Dollar News|Trade Forex NewsThe Australian dollar has remained under pressure over the last 24-hours with risk aversion continuing to be the salient theme affecting traders.

A sharp decline in equities, oil and copper overnight also dampened demand for the commodities based currency.

The local unit has remained weak during today’s Asian trading session, as has the Kiwi dollar.

The European currencies also weakened against the US dollar on overnight, with global growth concerns continuing to wreak havoc on equity markets.

The Euro lost a full cent against its US counterpart (EURUSD) while the Great British pound also lost significant ground against the greenback overnight (GBPUSD).

Elsewhere, the Japanese yen (JPY) and the Swiss franc (CHF) both rallied strongly against most of their major counterparties overnight, with traders searching for safe havens.

Looking ahead, following a downgrade in global growth forecast by Morgan Stanley overnight, the risky assets remain susceptible to further downside in coming sessions, which will likely translate into further pressure on risk currencies and demand for safe-havens.

Click to Receive FREE FX Recommendations for 7 Days!

Speak Your Mind


Disclaimer: The content of this blog does not constitute a recommendation nor does it take into account your investment objectives, financial situation nor particular needs. Before acquiring or using any of Australian Stock Report's products, you should obtain and consider our Financial Services Guide. Australian Stock Report Ltd (ACN 106 863 978) is licensed as an Australian Financial Services Licensee pursuant to section 913B of the Corporations Act 2001. AFS Licence 301682. Any content within this email remains the property of Australian Stock Report and should not be reproduced without the consent of Australian Stock Report.