AUD/USD to see further pressure on the back of CNY softening – OCBC

The greenback was mixed overall on Monday, with the AUD underperforming, perhaps being held back after the People’s Bank of China’s attempt to rein in on the RMB. The aussie may come under further pressure on the back of the mentioned RMB softening, as per OCBC Bank. 

See – China: PBoC aims to slow CNY appreciation – TDS

Key quotes

“The AUD/USD saw some downward pressure overnight despite supported US equities after the RMB was put under some pressure by the PBoC. In addition, news that Beijing might impose an import ban for Australian coal further added to the downward move.” 

“Looking forward, expect Thursday’s unemployment figures and further clarity over the import ban to drive immediate direction.”

“Support level is now at 0.7150 while resistance is at 0.7200.”