AUD Falls with Copper and Ore as the Market Awaits the RBA’s Minutes.

AUD

The USD weighed on the risk-sensitive Australian Dollar after poor US economic data increased recession fears. The New York Fed’s Empire State Manufacturing Index for August fell to -31.3 on weak new orders and shipments.

The US stocks market opened lower but managed to reduce losses throughout the Wall Street trading session. The benchmark S&P 500 ended 0.40% higher as Fed pivot bets strengthened some.

On Monday, 15th August 2022, China reported weak retail sales and industrial production data for July. The People’s Bank of China (PBOC) also lowered its 1-year medium-term lending facility rate by 10 basis points, sending the Country’s yield to its lowest and weakening the Yuan.

In the New York trading markets, crude oil fell despite China’s signal of support for its economy, with the WTI crude oil and Brent crude prices slipping by nearly 3%.

Copper and iron ore prices also fell under pressure, weighing on the Australian Dollar.

While in Europe, natural gas prices soared as the Rhine River saw its water level drop further. German 1-year ahead energy prices hit another fresh record high.

The Reserve Bank of Australia (RBA) is set to release its August policy minutes today, which markets expect to provide them with more insight into the central bank’s thoughts.

You might also like Asia’s FX Sinks Following the Unexpected Rate Cuts.

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