AUD/USD plummets to near 0.6620 as investors worry about China’s economic prospects.
Firm speculation for RBA to maintain a restrictive interest rate framework for longest fails to support the Australian Dollar.
The risk-averse market mood improves the US Dollar’s appeal as a safe haven.
The AUD/USD pair extends its losing spell for the seventh trading session on Tuesday. The Aussie asset weakens to near the round-level support of 0.6620 as the Australian Dollar (AUD) has been hit hard, being a liquid proxy of China’s Yuan.
The Chinese economy is going through a vulnerable phase due to weak demand from domestic and the overseas market. The economy expanded at a slower pace of 0.7% in the second quarter than estimates of 1.1% and the prior release of 1.5%.
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