- China’s central bank devalued the Chinese Yuan by almost 2 %, following poor economic data
- The PBOC wants the exchange rate to “better reflect market forces”
- USD/CNY rose from 6.1162 to 6.2298
- This led to broad USD demand in the Asian session, putting the Aussie Dollar under pressure
- AUD/USD fell from 0.7430 to a low of 0.7305
- Demand emerged ahead of the 0.73 level, but AUD/USD is looking fragile after reversing almost all of the recent days gains
- Break sub-0.73 would pave the way for another test of 0.7230 and below there, there is no significant support until 0.71 and then 0.70
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