The AUD/USD pair slipped to the lowest level since March 17th as investors reacted to the latest economic data from China.
Trade AUD/USD NowThe Australian and Chinese economies have a close relationship. China buys most of Australia’s commodities like copper, coal, and iron ore. At the same time, many Chinese students go to study in Australia. Therefore, investors tend to look at Chinese data to predict the health of the Australian economy.
However, other closely watched data revealed that the economy was starting to struggle as the Covid-19 pandemic continued. For example, retail sales declined 3.5% in March. This was the first YoY decline since July 2020. The unemployment rate also rose from 5.5% to 5.8%. The AUD/USD pair fell as America’s bond yields continued rising. The 10-year yield rose to 2.81% while the 30-year rose to 2.9%. The two-year rose to 2.45% as investors waited for the American building permits and housing starts data.The four-hour chart shows that the AUD/USD pair has been in a strong bearish trend in the past few days.
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