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9 Oct 2019

AUD/USD bears seeking a break below 0.67 the figure

  • Sentiment soured yet again overnight considering the US administration turning the screw on China.
  • AUD/USD soaking up the trade talk sentiment and licking wounds in the low 0.67 handle.

AUD/USD is steady in early Asia, soaking up the trade talk sentiment and licking wounds in the low 0.67 handle following a series of offers and supply from above the 50 4-hour moving average to rest-up below the 21-4hr moving average in bearish territory. 

Indeed, the sentiment soured yet again overnight considering the US administration turning the screw on China on the same week that investors are waiting in high anticipation for progress between the Chinese delegation and US trade negotiators. The South China Morning Post claimed that the Chinese delegation might leave the US on 11th rather than 12th Oct leaving very little time to thrash out any kind of a deal between the two naitons. 

Eyes on USD/CNH which rallied from 7.12 in the London morning to 7.1645 on the Visa headlines

The US State Department announced, ”Visa restrictions on Chinese government and Communist Party officials who are believed to be responsible for, or complicit in, the detention or abuse of Uighurs, Kazakhs, or other members of Muslim minority groups in Xinjiang, China,” which certainly dims prospects of the two sides making any progress in the immediate future. 

The US dollar continued to catch a safe-haven bid and the Aussie, which trades as a proxy to the trade wars, lost significant ground on the 0.67 handle, tracking the value of the Yuan which too weakened vs the USD/CNH which rallied from 7.12 in the London morning to 7.1645 on the Visa headlines. 

Meanwhile, the Australian 3-year government bond yield ranged between 0.55% and 0.59%, which the 10's travelled between 0.85% and 0.90%. "Markets are pricing 11bp of easing at the 5 Nov RBA meeting, and a terminal rate of 0.36% (RBA cash rate currently at 0.75%)," analysts at Westpac explained. 

AUD/USD levels

 

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