Disliked{quote} so far no significant bounce from big support... I give 80% chance bears will reverse the day trend today....Ignored
Aussie and Kiwi are getting flogged too, even though their fundamentals are comparatively good. But the market loves to smash them when risk is off. The main danger with Australia is that China is pissed off at us for siding with trump when he was calling for an enquiry into how the trump virus got out of China. Ever since then China have made excuses to hold up Australian exports on docks, and to put tariffs on some goods. The latest one is they are undertaking "investigations" into Australian wine being "dumped" on their market at low prices. They are the biggest importer of Aussie wine. They have also reduced coal imports from Australia, though that is being done a bit on the quiet and sly, because they have binding contracts, but they are claiming delays at ports are causing stockpiles to reach their limits, and nowhere to unload shipments. Meanwhile, they import more coal (lower quality) from Russia and Indonesia. They are also playing games with barley and beef imports. The relationship is under pressure.
