Worries about economic growth in China and hotter-than-expected business activity in the United States has spooked investors, halting a record-breaking rally in equities and commodities.
The US dollar and Treasury yields spiked, heaping more pressure on the struggling Australian dollar, which dipped below US66¢. Gold and iron also fell overnight, before steadying on Friday.The bearish outlook has vindicated an army of traders who have been betting against the Australian dollar after the optimism that has swept across financial markets reversed on Friday.
Copper prices steadied after suffering the biggest drop in two years on Thursday, and iron ore futures climbed 1.4 per cent to $US121.10 a tonne after falling more than 2 per cent in the previous session. Indeed, CBA’s currency team believe the dollar is past its bottom, after hitting a year-to-date low of US63.63¢ in April, and will start to strengthen.
Whether those gains “are seen to be largely demand-driven rather than from supply constraints, will be important in gauging whether they will eventually show up as a fresh Aussie dollar tailwind,” NAB’s FX team wrote in a note to clients.
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