The Australian dollar tumbled today as news from China resulted in risk aversion driving investors away from currencies with higher yield.
News about monetary tightening in China resulted in wide-spread fear on the Forex market. The Asian country is the biggest trading partner of Australia, therefore it was not a surprise that the Aussie (as the Australian currency is often called) was also affected by the negative impact. Even positive domestic data was not able to rescue the currency.
AUD/USD sank from 0.9705 to 0.9623, dropping from the intraday high of 0.9756, and AUD/JPY tumbled from 95.23 to 93.69 as of 20:20 GMT today.
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