AUD/USD licks its wounds at the lowest level in a year, especially following the successive fall in the last eight days, as traders seek more clues to
extend the latest fall. With this, the Aussie pair seesaws around 0.6400 while fading the late Thursday’s corrective bounce off the yearly low during early Friday in Asia.
Recently, China’s second-large realtor, as well as the world's most heavily indebted property developer, Evergrande filed for protection from creditors in a US bankruptcy court on Thursday, per Reuters. The same escalate fears surrounding Australia’s biggest customer China as it battles with the slowing economic recovery and concerns about the financial health of China’s biggest realtor, namely Country Garden, propel market woes of late.
With the looming economic fears about China and the downbeat Aussie jobs report, the Reserve Bank of Australia might not risk another rate hike as the policymakers highlighted the data dependency in the latest Minutes, which in turn favors Aussie bears.
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