FX: Daily strategy - Australian dollar still under threat
The Australian dollar has remained in trouble over the past 24 hours. Volatility remained high on Thursday and there was further selling pressure following weaker than expected Chinese PMI data. Domestically, there was also a decline in building approvals which undermined sentiment while the retail sales data was subdued. Hopes for a mining-sector deal provided some relief, but there was still an Australian dollar low around 0.8315 against the US currency before a partial recovery. The currency is likely to remain on the defensive in the short term with near-term selling pressure above 0.8420 and a move to 0.8170 certainly a realistic threat late by early next week, especially if the US... Full Story
