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The Australian dollar fell about 0.84% to 0.6773 against the US dollar on Monday, reaching six-week lows as investors sold it as a proxy for China. Stock markets in China, Hong Kong, South Korea and Australia were closed for the holiday, while the US dollar gained on haven demand.
Authorities' efforts to contain the coronavirus are also expected to weigh on growth.
The AUD is trading as a proxy for Chinese growth, so a sustained decline signals weaker expected Chinese demand for Australian commodities. A weaker Aussie also tends to lower the USD cost of Australian feed grains and meal.
currencylive.comIleana IonescuJan 27, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
