AUD/USD extends losing streak on downbeat Aussie economic outlook

AUD/USD tumbles to near 0.6600 on multiple headwinds. China’s poor economic outlook, sliding iron ore prices, and weak Aussie Judo Bank flash PMI have weighed heavily on the Australian Dollar. The US Dollar will dance to the tunes of the US PCE inflation report for June. The Aussie asset remains in the bearish trajectory due to multiple headwinds. China’s weak economic prospects, sliding base metals’ prices, and weak Judo Bank flash PMI have weighed heavily on the Australian Dollar .

The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets or seeking safe-havens – is also a factor, with risk-on positive for AUD.

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