 Australian Dollar continues to lead the decline among commodity currencies today, with the selloff appearing to accelerate. Despite stabilization in risk sentiment in Europe where major indexes are trading positively, and US futures, particularly NASDAQ, pointing to a stronger open, overall sentiment remains vulnerable. This fragility is largely due to political uncertainty in the US following Joe Biden's withdrawal from the presidential election race. Additionally, several high-profile earnings reports are set to be released this week, which could further influence market dynamics. Contributing to Australian Dollar's woes is the continued decline in Copper prices. Copper just had its worst week since 2022, as the highly anticipated Plenum in China ended with significant disappointment among investors, offering no substantial plan to revive the beleaguered economy. Today's unexpected rate cut by the People's Bank of China serves as a stark reminder that economic troubles in the region persist... |
