China broadcasted its decision to hike tariffs on $60 billion worth of American imports despite US President Trump’s warnings, consequently escalating trade tension and weighing on the market sentiment.
The Australian dollar weakened further against the US dollar over the course of last week, extending losses beneath the 2019 yearly opening level at 0.7042.
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Heading into the later phase of Thursday’s segment the market observed a modest recovery take shape, bolstered on the back of commentary from US President Trump stating it was still possible for the US and China to reach a deal this week.
The DXY, or US dollar index, retained its bid tone yesterday, though remains struggling to overthrow a weekly resistance positioned at 97.72.
