AUD/USD: The pair is tanking after poor data overnight
- AUD/USD is trading 0.77% lower on the session breaking 0.68 the handle.
- Poor data from China and Australia overnight is affecting the pair.
Fundamental Backdrop
Overnight AUD/USD underperformed after the October employment change data recorded at -19.0K vs the expected 15.0K and previous of 14.7K.
The weakness was pretty broadly based, as full-time employment dropped 10.3k, while part-time employment fell 8.7k.
So it seems the US-China trade war is having an impact on the Aussies and the news didn't get much better after the Chinese data disappointed too.
Chinese Industrial Production (YoY) (Oct) 4.7% vs expected 5.4%, previous 5.8%.
It seems the bearishness from overnight has spilt into the EU session and selling has exacerbated. Today the 0.68 handle has been taken to the downside making this the lowest level traded since October 17th 2019.
The RBA are still on wait and see mode at the moment like many other of the worlds central banks. This data could potentially impact their decision making as it was pretty weak.
AUD/USD Daily Chart
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Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
