AUD/USD: Downside pressure – ANZ

The Aussie is suffering downside pressure due to its relationship with Asia. Economists at ANZ Research analyze the AUD/USD pair which is trading at 0.63.

Key quotes 

“Shifting risk dynamics around the outbreak of COVID19 have created downside pressure for the AUD, which is closely linked to activity in Asia via tourism and export of raw materials.” 

“The near-term prospects for the AUD are therefore likely to hinge on transmission rates and scale of activity slowdown.”