by Chris Becker
The Australian dollar failed to make headway above the 69 cent level vs. USD overnight and is falling in the Asian session as more good news surrounds the US trade deal with China:
After a small dip its holding against Yen:
But the big news of the hour is that the US is dropping the “currency manipulation” line about the Chinese handling of its Yuan fix…which it then strengthened considerably in the midday fix, pushing offshore trading in Yuan well below the 6.87 level. This hastens a strengthening trend that has accelerated since Xmas:
Back to Aussie, which is still struggling on the AUDNZD proxy with the downtrend still underway – parity next? (and then time to call in Jacinda to rule Western New Zealand?)
Maybe not time yet to buy some more gold in AUD as the price is slipping, the downside target at $2100AUD per ounce would be the better accumulation zone:
Only 21 more days til the next RBA meeting!