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Australian dollar daily update for 2nd October 2017


The Australian dollar remains weak, despite limited news or economic data. So far, the currency has been selling off thanks to weakness in the Chinese yuan (China is the country's biggest trading partner) and in industrial commodity prices. The Aussie has been particularly weak against the US dollar, which has been rebounding since the third week of September. 

AUD/USD is down this morning, having started the day above 0.7830. The pair is currently trading below 0.7815. Despite broad weakness in the euro, EUR/AUD is only down marginally today, with the pair currently trading above 1.5040. Finally, the Aussie has been flat against the pound so far, with GBP/AUD trading below 1.7090. 

Today, we saw fairly strong manufacturing survey data (54.2) and strong inflation figures as well (2.5% YoY). Tomorrow is a big day for the currency, with an upcoming Reserve Bank of Australia interest rate decision and statement. Finally on Thursday, we'll see retail sales, trade balance and construction survey data. 


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