AUDUSD AT TWO MONTH LOW AS DOLLAR INDEX FIRMLY STATIONED ABOVE 102 MARK, CHINA DATA WEIGHS

Published on Aug 08, 2023 14:55

The Australian dollar is seen extending sharp slide during European session on Tuesday tracking broad strength in dollar overseas. AUDUSD is staying pressured at a two month low and snapping a three day winning streak to fall towards 0.65 levels. The dollar index is seen firmly stationed above 102 mark after Federal Reserve Governor Michelle Bowman said yesterday that the US central bank may need to raise rates further in order to fully restore price stability. �Additional rate increases will likely be needed to get inflation on a path down to the FOMC`s 2% target,� Bowman said. The pair is currently seen quoting at 0.6532, down 0.77% on the day. Meanwhile, China, Australia`s largest trading partner reported another sharper-than-expected double digit export decline in July as monetary policy tightening damped demand from major trading partners, official data showed on Tuesday. Shipments declined 14.5 percent in July from a year ago, following June`s 12.4 percent fall, the General Administration of Customs reported.