This could be “a make or break week” for the Australian dollar with three major factors – the Federal Open Market Committee (FOMC) minutes, Chinese and Australian economic data – set to determine whether the embattled currency will break below the key $0.90 level or reverse its downtrend.
The Aussie, which has depreciated 12.5 percent against the U.S. dollar over the past three months, has been hit by a slew of concerns including falling commodity prices, a slowdown in Australia’s top trading partner China and the prospect of the U.S. Federal Reserve scaling back its extraordinary monetary support. The currency is now at its lowest level against the greenback in two and a half years.
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