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Four reasons for current AUD weakness to continue
1. Global sentiment worsens The AUD is a commodify based currency and when global sentiment drops, so does the demand for commodities like Iron Ore, copper, and coal. These are key Australian exports. Worsening global sentiment the less demand that is anticipated for Australia’s key exports. 2. China’s zero-COVID policy The majority of Australia’s Iron ore exports go to China. A growing, flourishing China means the AUD lifts too. China is struggling after its latest COVID lockdowns, maintains a COVID zero policy and this is a drag on the AUD. China is not expected to hit its GDP target for this year and there ... (full story)
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