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Australian dollar continues to fall


The Aussie continued to decline against major peers in the European session on Tuesday, as the yields on Australian 10-year government bonds fell in response to China’s new stance aimed at staving off accumulation and speculation in iron ore deals. Iron ore prices fell amid tightening rules imposed by the Chinese authorities to control speculation and prevent accumulation. Iron ore is Australia’s main export commodity and China’s new regulations will have an impact on the country’s economy. Investors are awaiting testimony from Federal Reserve Chairman Jerome Powell for more clues about the future of monetary policy. While Powell acknowledged that the US economy continues to show robust improvement and is forecasting job growth, diverging views of other politicians have sparked debate about winding down the stimulus program as soon as possible. The aussie fell to a 4.5-month low of 1.5873 against the euro from a high of 1.5794 at 7:30 pm ET. The next key support level for the aussie is seen at 1.62. The Australian dollar weakened to 0.7494 against the greenback and 82.79 against the yen, down from previous highs of 0.7545 and 4-day highs of 83.27, respectively. The next likely support level for the Aussie lies at 0.72 against the US dollar and 80.00 against the yen. The Aussie depreciated to nearly 3-week lows of 0.9283 against the Canadian dollar and 5-day lows of 1.0750 against the NZ dollar, after early highs of 0.9330 and 1.0789, respectively. The Australian dollar is likely to meet support at 0.90 against the Canadian dollar and 1.06 against the NZ dollar. May data for US home sales will be released during the American session. Eurozone consumer sentiment data for June is due at 10:00 am ET. Source: InstaForex

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