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AUD Seen in Decline as Risk Aversion Climbs
The Australian dollar (AUD) was seen trading lower versus most other currencies yesterday after news began to shift many traders back into safer assets. The Aussie has been a top performer these past several months considering many traders bank on a strengthening of the AUD due to a rise in Chinese demand for Australian raw materials.
The AUD was in a position to make solid gains yesterday after the vote of confidence in Greece helped many assume a rise in risk appetite was impending. Moves toward riskier currencies, however, failed to materialize as a string of manufacturing reports in the euro zone pushed many investors away from the region and into safe haven assets. As such, traders appear to be anticipating a mild downtick in the Aussie dollar prior to this week's close.
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