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23 Oct 2019

AUD/USD posts modest daily losses, trades below 0.6850

  • US Dollar Index stays in a tight range above 97.50 on Wednesday.
  • China's minister of commerce says policy measures will be introduced to promote trade.
  • Coming up: Commonwealth Bank's Manufacturing and Services PMI data from Australia.

The AUD/USD pair snapped its four-day winning streak on Tuesday pressured by the broad-based USD strength and extended its slide on Wednesday. As of writing, the pair was trading at 0.6842, down 0.2% on the day.

Earlier in the day, China's Minister of Commerce, Zhong Shan, said that they will be taking specific policy measures to promote the high-quality development of trade. "Affected by factors such as slowing global economic growth, fluctuations in international financial markets, and adjustments in monetary policy in developed countries, global demand has continued to weaken, geopolitical complexity has changed, and uncertainties have increased significantly," the minister explained. Nevertheless, the AUD largely ignored these comments.

USD rebounds in mid-week

On the other hand, the heavy selling pressure surrounding the GBP amid heightened fears over a no-deal Brexit allowed the Greenback to find demand as a safer alternative. The US Dollar Index, which posted daily losses before closing the day 0.2% higher on Tuesday, edged higher on Wednesday to keep the bearish pressure on the pair intact.

There won't be any significant macroeconomic data releases from the US in the remainder of the day. In the early trading hours of the Asian session on Thursday, Commonwealth Bank's Manufacturing and Services PMI figures from Australia will be looked upon for fresh catalysts.

Technical levels to watch for

 

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