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Defensive Trading Leads to Weaker AUD
The Australian dollar (AUD) was trading weaker versus most of its currency counterparts yesterday after data releases have begun to shift traders back into safety. The Aussie has been losing momentum these past few weeks as risk aversion becomes predominant in the global market. Fears of a debt contagion spreading from Greece to Italy now factor greatly into global risk assessment, as does the monetary policy of China in regards to the Pacific economies.
This movement has gouged the AUD against all of its currency rivals, especially against safe-havens like the US dollar (USD) and Japanese yen (JPY). With Australia's central bank releasing the minutes from its latest monetary policy meeting, there is a chance that speculators will pick up on several cues to adjust their positions in regard to the Aussie. Being linked with commodity prices could also help lift the AUD in the near future, but general risk aversion is likely to push the currency lower as traders flee risk.
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